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On March 4, in a landmark judgement, India’s Supreme Court (SC) quashed a 2018 order by the Reserve Bank of India (RBI) barring Indian banks from dealing with cryptocurrency exchanges. Moreover, the top court termed the RBI order as “unconstitutional”. As reported earlier, in its order dated April 8, 2018, choked the virtual currency ecosystem in India, which was later challenged in the SC by the Internet and Mobile Association of India, representing various cryptocurrency exchanges. With this latest development, India’s banks are now free to deal with virtual currency exchanges, something which the industry bodies of the country have welcomed.
