Supreme Court announces RBI circular, now will be able to do transactions in Cryptocurrency

The Supreme Court on Wednesday issued a verdict on cryptocurrency. The Supreme Court has removed all restrictions on it.

The Supreme Court on Wednesday rejected the Reserve Bank of India (RBI) circular banning cryptocurrency and bitcoin in bank transactions. The Indian Internet and Mobile Association filed a petition in the Supreme Court challenging the RBI decision, on which the court has given the decision. As such, the Supreme Court has now allowed trading in cryptocurrency. During the hearing, IAMAI said that the central bank's action effectively banned legal business activities in cryptocurrency, in response to which the RBI filed an affidavit in court. The RBI said it had taken this step in view of the risk of money laundering and terror funding through cryptocurrency.

Reserve Bank of India banned in 2018

A bench headed by Justice Rohinton Nariman gave this critical decision on cryptocurrency. The court also consisted of Justices Anirudh Bose and V Ramasubramanian. Explain that the Reserve Bank of India had banned the cryptocurrency business in the year 2018 by issuing a circular.

But today the Supreme Court has approved trade with virtual currency, also known as cryptocurrency. Now after this order of the court, a legal currency such as bitcoin can be transacted legally.

There are many types of virtual currency all over the world.

On 6 April 2018, the Reserve Bank of India banned trade in virtual currency. Currently, there are many types of virtual currencies all over the world. Of these, bitcoin has the highest value. On Tuesday, the bitcoin price was down 0.39 per cent to $ 8815. Its market cap is $ 161 billion.