Supreme Court allows trading in cryptocurrency, cancels 2018 RBI ban

The Supreme Court of India has ended a 2018 ban on banks from dealing in virtual currencies such as cryptocurrencies including bitcoins. A three-judge bench led by Justice Rohinton Nariman quashed the Reserve Bank of India orders issued in April 2018 that had introduced the restriction.

In 2018, the RBI had issued a press release stating that virtual currencies (VCs), referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering.