38.6c New Delhi, India, Saturday, June 22, 2024

SC to give judgement in cryptocurrency case soon

By LawStreet News Network      28 January, 2020 03:01 PM      1 Comments
SC to give judgement in cryptocurrency case soon

Justice Rohinton F. Nariman hinted yesterday (27 January, 2020) that the Supreme Court is likely to give verdict on Reserve Bank of India (RBI) ban on banking services for cryptocurrency trade in two-three weeks. The case has been going on since 2017. He said so while adjourning a separate case seeking regulatory regime for cryptocurrencies.

The RBI had in 2013 through a press release cautioned users of cryptocurrency. The RBI in 2017 again released a reminder cautioning users, holders and traders of virtual currencies again. Thereafter a ‘Inter Disciplinary Committee’ was set up by Ministry of Finance to study cryptocurrencies and growth of virtual currencies. The Report of the committee was not made public and RTIs have also been denied as it is of strategic importance”.

In 2018, the Finance Minister announced that cryptocurrency was not a legal tender. An RBI circular later that year declared prohibited dealing in cryptocurrency. 

A bill entitled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019” was drafted by an Interministerial Committee (IMC) headed by former Secretary of the Department of Economic Affairs Subhash Chandra Garg. The parliament had shelved this bill, awaiting the Supreme Court’s judgement, which was otherwise to be presented in the winter session. 

Author: Nandini Gandhi

Share this article:

User Avatar

John Doe
Alice Jenifferze Oct 22, 2020

Good share!

Leave a feedback about this

Trending Judiciary
Gravity of offence not relevant when considering bail for juvenile [Read Order]

Allahabad High Court grants bail to a juvenile in a serious criminal case, ruling that the gravity of the offence is not a relevant factor in bail decisions.

22 June, 2024 11:18 AM
Trending Executive
New Anti-Cheating Law enacted: Analysis

In-depth analysis of India’s new Anti-Cheating Law, the Public Examinations (Prevention of Unfair Means) Act, 2024, aimed at curbing exam malpractices.

22 June, 2024 11:38 AM


Trending Crime, Police And Law
Women, including housewife, approach NCW against controversial IPS officer Gyaneshwar Singh

Two women approach NCW against controversial IPS officer Gyaneshwar Singh, citing harassment for tweets based on news reports about his involvement in high-profile cases.

17 June, 2024 03:10 PM
Trending Judiciary
Courts this Week: Law Street Journal's Weekly Round-Up of SC & HCs [June 10 - June 15]

Get the latest updates from the Supreme Court of India and the High Courts ! Here’s a round up of the week's top legal stories in a quick, easy-to-read summary.

17 June, 2024 03:29 PM
Trending Business
Man sues Apple for £5 million, blaming company for divorce after wife discovers ‘deleted messages’ with sex workers

A UK man sues Apple for £5M, claiming their unclear policy on deleted messages led to his divorce after his wife found texts to sex workers on another device.

17 June, 2024 04:26 PM
Trending Crime, Police And Law
Ex-Karnataka CM Yediyurappa appears before CID for POCSO case probe, with protection of 'no arrest'

Ex-Karnataka CM Yediyurappa appears before CID for POCSO case probe, denies allegations, granted ‘no arrest’ protection. Next hearing: June 28.

17 June, 2024 04:46 PM


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email