SC allows trade in cryptocurrency, quashes RBI curb

The Supreme Court on Wednesday struck down the curb on cryptocurrency trade in India. “SC rules curb on crypto currency trade illegal,” the report said while adding that the order lifted ban on trading in virtual currency, cryptocurrency and bitcoins.

Bitcoin, the most valued cryptocurrency in the world, was down 0.39 per cent at $8,815. The market cap of the currency stood at $161 billion.

“It’s a very positive sign that has come through, something that we have been waiting  ..

The RBI had earlier issued circulars cautioning users, holders and traders of virtual currencies, including bitcoins, regarding various risks associated in dealing with such virtual currencies. The April 6 circular was later challenged in the top court.

The Internet and Mobile Association of India, representing various cryptocurrency exchanges, had argued that trading in cryptocurrencies in the absence of a law banning those was a “legitimate” business activity under the Constitution. T ..