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SC upholds RBI crypto ban

The Supreme Court on Tuesday refused to stay an RBI circular prohibiting banks and financial institutions from dealing in cryptocurrencies like bitcoin. The next hearing on the matter is slated for 20 July. Starting Friday, banks and other RBI-regulated entities will not allow any transactions in cryptocurrencies. While finance minister Arun Jaitley had in his budget speech for 2018-19 said that virtual currencies are not legal tender, cryptocurrencies have not been outrightly banned. Most of the crypto-exchanges are working out ways to keep the business going. They plan to turn into crypto-to-crypto trading exchanges from the existing model of crypto-to-currency trading.

Read More at Livemint News date : 4 Jul 2018, Wednesday

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