New Delhi: The Supreme Court quashed the Reserve Bank’s order banning crypto currency in banking transactions completely. In April 2018, the RBI ordered banks not to conduct any transactions through bitcoin and other crypto currencies. The Supreme Court has accepted that this is a very strict step.
The Internet and Mobile Association of India, the organization of cryptocurrencies trading in India, challenged this and said that the Indian government has not banned crypto currency. In such a situation, the Reserve Bank did not have the authority to make such an order on its behalf.
The Reserve Bank had argued that such a step was necessary to protect the banking system from any possible damage.
