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ARTICLE · 24 MARCH 2020

Can Virtual Currency Platforms Operate In India – Supreme Court's Recent Judgement

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The crypto-currency platforms have been subjected to various governmental actions in the past without the virtual currencies being banned in India.

IndiaTechnology
Seema Jhingan
Seema Jhingan
Dhruv Manchanda
Dhruv Manchanda
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Can Virtual Currency Platforms Operate in India – Supreme Court's Recent Judgement

The crypto-currency platforms have been subjected to various governmental actions in the past without the virtual currencies being banned in India. In a huge relief to the crypto-currency exchanges and platforms, the Supreme Court of India in its recent judgment in the matter of Internet and Mobile Association of India vs. Reserve Bank of India [Writ Petition (Civil) No. 528 of 2018], set aside the Reserve Bank of India's (RBI) circular restricting the dealing in virtual currencies and/or operating the virtual currency exchange in India.

Background:

RBI issued a 'Statement on Developmental and Regulatory Policies' on April 5, 2018 (RBI Statement), which inter alia directed the entities regulated by the RBI (a) not to deal with or provide services to any individual or business entities dealing with or settling virtual currencies; and (b) to exit the relationship, in case such

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