Money & Banking

Industry welcomes SC ruling that lifts ban on crypto currency

Surabhi Mumbai | Updated on March 04, 2020

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Say will help tech, innovations

The industry has welcomed the Supreme Court judgement on Wednesday that has lifted the ban by Reserve Bank of India (RBI) on trading in cryptocurrency.

“We welcome the Supreme Court's decision to lift RBI’s ban on trading in cryptocurrency. We believe that banning technology is not the solution, a risk based framework must be developed to regulate and monitor cryptocurrencies and tokens,” NASSCOM said in a tweet.

“Historic day for crypto in India. We can now innovate. The entire country can participate in the blockchain revolution. Your money is your money,” Nischal Shetty, founder and CEO of bitcoin exchange platform WazirX tweeted.

According to news agency PTI, the Supreme Court allowed petitions against the RBI circular barring banks from providing services related to cryptocurrency.

The Reserve Bank of India had in 2018 issued a circular barring banks and financial services entities from transacting and dealing in virtual and crypto currency.

Published on March 04, 2020

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