The country’s highest court today quashed a 2018 central bank order barring lenders from dealing with crypto exchanges. The supreme court today said the Reserve Bank of India (RBI) ban on crypto was “unconstitutional.”
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India’s supreme court lifts ban on banks facilitating cryptocurrency trade
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“Firstly, the RBI has not prohibited VCs (virtual currencies) in the country,” read part of a 30-page affidavit that the bank submitted to the court, according to an Economic Times report dated Jan. 21, 2020. Instead, “the RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs.”
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