Crypto back on track? SC allows banks to provide cryptocurrency services; sets aside RBI prohibitions
The Supreme Court on March 4 allowed banks and financial institutions from providing services related to cryptocurrencies by setting aside the Reserve Bank of India’s 2018 circular which had prohibited them.
The order is likely to come as a big relief to virtual currency (VC) proponents in the country. Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.