SC lifts RBI ban on trading in cryptocurrency

New Delhi:The Supreme Court on Wednesday lifted RBI ban on trading in cryptocurrency, saying curb on its trade is illegal.Justice R F Nariman allowed the plea challenging the RBI's  April 6, 2018 circular which banned the trading.

The bank had  directed that all entities regulated by it shall not deal in virtual currencies or provide services for facilitating any person or entity in dealing with or settling those, post which cryptocurrency exchange and other organisations moved the Apex Court.

It had submitted to the court an affidavit on the steps taken to protect the banks and other entities under its regulation from risks in trading of virtual currencies.

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.

Cryptocurrency operate independent of the Reserve Bank.The petition was filed by the Internet and Mobile Association of India.(UNI)