SC reserves order on plea challenging RBI's ban on cryptocurrency

The Supreme Court has reserved its order on pleas by members of the Internet and Mobile Association of India (IAMAI) challenging a Reserve Bank of India (RBI) decision which directed banking services not to deal with cryptocurrencies.

New Delhi: The Supreme Court on Tuesday reserved its order on pleas challenging a Reserve Bank of India (RBI) decision, which barred banking services from dealing in any transaction linked with cryptocurrency.

A bench headed by Justice RF Nariman has reserved the order after hearing arguments from all the parties in the matter.

The Internet and Mobile Association of India (IAMAI), whose members carry out cryptocurrency exchanges, had approached the top court objecting to a 2018 RBI circular directing regulated entities not to deal with cryptocurrencies.

IAMAI had claimed the move of RBI had effectively banned legitimate business activity via virtual currencies (VCs).

The regulatory body had, on April 6, 2018, issued a circular directing that all the entities regulated by it shall not deal in virtual currencies or provide services to any person or entity for facilitating in dealing it.

With inputs from ANI