India's Supreme Court strikes down RBI's banking ban against crypto

  • The Supreme Court of India has struck down a circular issued by the Reserve Bank of India, which directed banks not to deal in crypto transactions
  • In a ruling today, the court held the circular unconstitutional

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The Supreme Court of India has struck down a circular issued by the Reserve Bank of India (RBI), which directed banks not to deal in transactions involving cryptocurrency.

In a ruling today, the higher court held the central bank’s circular dated April 6, 2018, unconstitutional.

In April 2018, the RBI barred banks from serving cryptocurrency exchanges and firms. The banking ban prompted several exchanges to file petitions that sought to overturn the RBI move, a process that culminated in today’s court ruling.

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