SC allows pleas against RBI circular barring banks from providing services for cryptocurrencies
The Supreme Court Wednesday allowed a batch of pleas challenging RBI’s circular of 2018 which had prohibited banks and financial institutions from providing services related to Cryptocurrencies. Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank. “We have allowed the writ petitions,” a bench headed by Justice R F Nariman said while pronouncing the verdict. According to the April 6, 2018 circular, the entities regulated by the Reserve…
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