Indian Finance Minister On Supreme Court Verdict On Lifting RBI’s Cryptocurrency Ban

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • Sitharaman notified that the government has to go through the apex court order.
  • The Supreme Court struck down the Reserve Bank of India 2018 circular that interrupted from giving access to companies trading in cryptocurrencies.
  • On April 6, 2018, the RBI had issued a circular that banned RBI-regulated entities from offering any services in terms of virtual currencies.

On Wednesday, the Indian Finance Minister Nirmala Sitharaman addressed that the central government will undergo the Supreme Court judgment that overruled the RBI circular barring banks from giving access to the companies that are trading in Cryptocurrencies.

During the press conference

In a press conference, Sitharaman notified that the government has to go through the apex court order. After the court’s decision, they will see what they can do and how they can work on that judgment.

During the interaction, the Honorable Minister replied to a media query that without looking at the decision she’s unable to put her views on the judgment of Union Cabinet.

Replying to another query, Sitharaman said that she underwent through the cryptocurrency report and found that no decision was taken regarding this matter. Adding to this she said, a comprehensive presentation was submitted to the government but they did not conclude about the issue.

What was the matter?

Last Wednesday, the Supreme Court struck down the Reserve Bank of India 2018 circular that interrupted from giving access to companies trading in cryptocurrencies.

A panel of three judges namely Justice S Ravindra Bhat, Rohinton Fali Nariman, and V Ramasubramanian permitted the appeal of the Internet and Mobile Association of India (IAMAI) challenging the 2018 circular of the RBI that directed the regulatory bodies to stop deal with cryptocurrencies.

The members of IAMAI that include crypto exchanges and others approached to the higher court protesting the 2018 RBI circular that points stop dealing with the cryptocurrencies.

The petitioners had claimed that the RBI’s circular disabling cryptocurrencies from banking channels would reduce the law of enforcement agencies to control illegal activities in the industry.

IAMAI had also argued that the move of RBI had effectively barred genuine business activity via virtual currencies.

On April 6, 2018, the RBI had issued a circular that banned RBI-regulated entities from offering any services in terms of virtual currencies. This includes the transfer or receipt of money in accounts related to the trade of virtual currencies.

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