The Supreme Court has given a major decision on Cryptocurrency on Wednesday. The Supreme Court has lifted all restrictions on it.
The bench headed by Justice Rohinton Nariman gave this decision and also included Justices Anirudh Bose and V Ramasubramanian.
That is, now all banks in the country can start cryptocurrency transactions like Bitcoin. Let us know that in the year 2018, RBI issued a circular banning cryptocurrency business.
RBI issued a circular on April 5, 2018, ordering all banks to stop services to these bitcoin exchanges. Bitpay, the largest digital exchange in Bitcoin and other virtual currencies, had tweeted that it was closing transactions in rupees and that its mobile app would not even be able to pay for bitcoin. The company had asked its customers to withdraw money.
IAMAI challenged the RBI circular
The petition was filed in the Supreme Court by the Internet and Mobile Association of India (IAMAI) to challenge the RBI circular. During the court hearing, IAMI stated that the central bank’s move effectively put a restriction on legitimate business activity in cryptocurrencies, in response to which the RBI filed an affidavit in the court.
RBI said that it has taken this step in view of the threat of money laundering and Terror funding through cryptocurrency.
