New Delhi: The country's Supreme Court has removed the ban on cryptocurrency. During the hearing of the case on Wednesday, an order has been issued to lift the ban imposed by the Reserve Bank of India (RBI) on cryptocurrency. In April 2018, RBI banned financial services related to trading in cryptocurrency. A petition was filed against it in the apex court.
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The Internet and Mobile Association of India (IAMAI) had approached the Supreme Court objecting to the RBI circular of 2018, which issued a directive to regulated entities not to do business in cryptocurrency. IAMAI members exchange cryptocurrency between each other. The IAMAI has claimed in its argument that the RBI move effectively banned legitimate business activity through virtual currencies (VCs).
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On April 6, 2018, RBI issued a circular directing that all the units regulated by it will not deal in virtual currency or provide services related to any person or entity. The decision was taken by the RBI in view of the threat of money laundering and terrorist financing through cryptocurrency.