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ARTICLE · 08 MAY 2020

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SC Judgement On Cryptocurrency

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The use of cryptocurrency has always been a point of contention with its legality being a mystery to public.

IndiaTechnology
Sawant Singh
Sawant Singh
Neha Naik
Neha Naik
Madhavi Doshi
Madhavi Doshi
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The use of cryptocurrency has always been a point of contention with its legality being a mystery to public. Bitcoins are a form of digital currency and are not considered to be legal tender. However, these are capable of functioning as a medium of exchange akin to money. The lack of a traditional government or bank-backed system to regulate its use makes cryptocurrencies the target of several concerns such as it being a conduit for black money or anonymously funding terrorism. Despite the odds, cryptocurrencies have gained popularity worldwide and the cryptocurrency market in India has also been slowly gathering momentum.

Since 2013, various warnings were issued by the RBI through its press releases regarding the potential risks of use of cryptocurrencies to the financial system of the country. The Inter-ministerial Committee on February 28, 2019 had also released a report recommending certain measures in relation to cryptocurrencies, which included a complete ban on

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