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ARTICLE · 20 MARCH 2020

All's Well For Cryptocurrency In India?

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This was followed by two press releases on a similar premise in 2017.

IndiaFinance and Banking
Kavya Katherine Thayil
Kavya Katherine Thayil
Rangam Sharma
Rangam Sharma
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The Supreme Court, in a recent decision1 has held the Reserve Bank of India's ("RBI") circular dated

April 06, 2018 ("Circular"), which prohibited entities regulated by RBI from dealing with virtual currency, as disproportionate and has accordingly revoked the said prohibition.

In December 2013, RBI issued a press release highlighting the risks associated with virtual currencies and cautioned users, holders and traders of virtual currencies about potential financial, operational, legal, customer protection and security risks. This was followed by two press releases on a similar premise in 2017.

Taking this one step ahead, in April 2018, RBI notified the Circular that dealt with virtual currencies and prohibited regulated entities from dealing with the same. As per the Circular, all entities regulated by RBI were prohibited from:

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