Case Analysis: Internet and Mobile Association of India Vs. Reserve Bank of India
Lets Trade Crypto: Indian Supreme court quashes prohibition This article reflects the decision of the Supreme court that set aside the RBI circular dated 06.04.2018 which prohibited the banks and entities regulated by it to deal in Virtual currencies or to provide banking services facilitating any person or entity dealing with or settling VCs. General introduction to virtual currencies: Virtual currency is a type of unregulated digital currency which is not issued or controlled by a central bank. Virtual currencies are ordinarily issued by private issuers and used among specific virtual communities. The security of the software and networks that virtual currencies stand on is a critical concern. The traditional regulated currencies are backed by fiat currency or hard assets such as gold. In contrast, virtual currencies are not backed with any intrinsic value. The value of a virtual currency is highly volatile. Therefore, it is a less favorable tool to be used as a medium...