Cryptocurrency also referred to as virtual currency has always been a matter of debate in India soon after its introduction in some countries, cryptocurrency may be a digital asset designed to figure as a medium to exchange wherein individual coin ownership records are stored in a very ledger existing in an exceedingly for of electronic database using strong cryptography to secure transaction records, to manage the creation of additional coins , and to verify the transfer of coin ownership. it’s the currency that doesn’t exist In physical form and isn’t issued by any central authority. Cryptocurrencies use decentralized controls as opposition centralized digital currency.
Facts are such as :-
The Federal Reserve Bank of India has been arguing to ban any variety of use or transaction in virtual currency as this sort, but within the following judgement the Supreme Court of India lifted the ban imposed by the banking concern of India on virtual currency trading, including cryptocurrencies. The statement issued by RBI, impunged in these writ petitions, sets out various developmental and regulatory policy measures for the aim of :
i. Strengthening regulation and supervision
ii. Broadening and deepening financial markets
iii. Improving currency management
iv. Promoting financial inclusion and literacy
v. Facilitating data management.
In the judgement of the case the Supreme Court told that the petitioners are entitled to succeed and also the impugned circular dated 6th April2018 is vulnerable to be put aside on the bottom of proportionality.
Accordingly, the writ petitions were allowed and therefore the circular dated 6th April 2018 is ready aside. The statement dated 5th April 2018, though challenged in one writ petition , isn’t within the nature of a statutory direction and hence the question of setting aside the identical doesn’t arise.
The bench thought that the lukewarm response of RBI during this regard is wholly unjustified. it’s the positive case of RBI that they failed to after all freeze the accounts of petitioner no. 6. Therefore, RBI is obliged to direct the financial institution of India to defreeze the account and release the funds. Hence, during this judgement Supreme Court of India allowed Cryptocurrency trading by quashing the ban imposed by the RBI now anyone in India could trade in virtual currency.
With the ban on the cryptocurrency by the RBI lifted by the SC now anyone can trade in cryptocurrency and it gave the traders of India freedom to trade in cryptocurrency but with the judgement the need of a system to be established by the govt. for any misuse of the cryptocurrency.
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