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SC to pronounce judgment on RBI circular barring use of cryptocurrencies by banks

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SC to pronounce judgment on RBI circular barring use of cryptocurrencies by banks

Supreme Court will deliver its judgment today on pleas challenging Reserve Bank’s 2018 circular that barred banks from trading in cryptocurrencies. A three-judge bench of Justice Rohinton Fali Nariman, Justice S Ravindra Bhat and Justice V Ramasubramanian will pronounce the verdict.

Internet and Mobile Association of India (IAMAI), whose members include cryptocurrency exchanges, and others had approached the top court objecting to a 2018 RBI circular directing regulated entities to not deal with cryptocurrencies. The petitioners had argued that the RBI’s circular taking cryptocurrencies out of the banking channels would deplete the ability of law enforcement agencies to regulate illegal activities in the industry.

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