Last week, the Supreme Court of India set aside a two-year ban that the RBI had imposed on cryptocurrency trading in India through a circular issued in 2018. The apex court found that circular to be too prohibitive. So, for now the ban on cryptocurrency has been lifted though it’s not the end of the story.
The RBI will appeal the decision and the Central government also just has to legislate around the court order and impose a ban again. In this episode we look at the reservations the government and the RBI have toward cryptocurrencies, the various regulatory issues associated with cryptocurrency and how such a system of transactions might work in India.