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ARTICLE · 17 MARCH 2020

Supreme Court Lifts RBI's Ban On Crypto Currency

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The Supreme Court on March 04, 2020 lifted the ban imposed by RBI on crypto currency in 2018.

IndiaTechnology
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The Supreme Court on March 04, 2020 lifted the ban imposed by RBI on crypto currency in 2018. The Apex Court's verdict is being considered a historic verdict, especially for India's virtual currency industry and start-ups.

RBI's Ban on Crypto Currency Trading

The Apex Court ruling comes as a response to the RBI's 2018 circular dated April 6, 20181, wherein it directed that all entities regulated by it would hereinafter not deal in virtual currencies or provide any services facilitating the same. This echoed the Indian government's sentiments, who have for the longest time, treated the concept of virtual and crypto currency with skepticism, issuing repeated warnings against investing in the same and even going as far as to call them Ponzi schemes. Further, post the circular, regulated entities that were already providing such services were told to exit the industry in three months, which not only led to plummeting trade volumes, but also many exchanges shutting down

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