New delhi date. Wednesday 4 March 2020
The Supreme Court has lifted the ban on crypto currencies. The Supreme Court on Wednesday ordered the removal of an RBI ban on crypto currencies. RBI banned financial services linked to trending in crypto currencies in April 2018. A petition was filed in the Supreme Court against this.
The Internet and Mobile Association of India (IAMAI) knocked on the Supreme Court, citing the disaster on the 2018 RBI Circular, which issued orders for regular institutions not to do business in cryptocurrency. Members of IAMAI exchange crypto currencies between each other.
The IAMAI, in its logic, claimed that the RBI move effectively banned illegal activity through virtual currencies (VCs). The RBI issued a circular order dated April 6, 2018 that will not provide these related services to all regular units.
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