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ARTICLE · 05 FEBRUARY 2020

RBI vs. Crypto: Will Virtual Currencies Make A comeback In India?

GameChanger Law Advisors
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Cryptocurrency, and its underlying technology, Distributed Ledger Technology ("DLT") are arguably two of the most polarizing financial developments of the last decade.

GlobalTechnology
Atulaa Krishnamurthy
Atulaa Krishnamurthy
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Cryptocurrency, and its underlying technology, Distributed Ledger Technology ("DLT") are arguably two of the most polarizing financial developments of the last decade. Their growth and adoption have also run parallel to multiple regulatory challenges across jurisdictions. The Reserve Bank of India ("RBI") issued a circular on April 6, 2018, banning entities dealing in Virtual Currencies from accessing the banking system. The Internet and Mobile Association of India (IAMAI) and other affected stakeholders filed PILs before the Supreme Court and across High Courts, challenging the basis of the Circular. The long pending hearings in the consolidated PIL concluded on the 28th of January, 2020, and the SC has reserved judgment on the matter.

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