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ARTICLE · 18 JULY 2018

Supreme Court Refuses To Stay Ban On Dealing With Virtual Currencies

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In April this year, the RBI issued a notification prohibiting the use of virtual currencies, preventing entities regulated by the RBI from dealing with virtual currencies or providing services facilitating...

IndiaTechnology
Namita Viswanath
Namita Viswanath
Subhro Sengupta
Subhro Sengupta
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1. INTRODUCTION

In April this year, the Reserve Bank of India (the "RBI") issued a notification prohibiting the use of virtual currencies, preventing entities regulated by the RBI from dealing with virtual currencies or providing services facilitating any person or entity to deal or settle virtual currencies (the "Notification").1

Pursuant to the Notification, entities were prohibited from maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts on exchanges dealing with virtual currencies and transferring or receiving money in accounts relating to the purchase or sale of virtual currencies. RBI regulated entities, providing any of the above-mentioned services were given 3 (three) months to exit their commercial relationships.

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