End of cryptocurrency story in India as SC refuses to overturn ban

Dipak Misra, said the RBI's directive prohibiting banks, financial institutions from providing any services related to virtual currencies will remain implemented

The Supreme Court refused to overturn a central bank ban on lenders from dealing in cryptocurrencies, a move that effectively outlaws the nascent industry in Asia’s third-largest economy.

A bench headed, by Chief Justice Dipak Misra, said the Reserve Bank of India’s directive prohibiting banks, financial institutions and other regulated institutions from providing any services related to virtual currencies will remain implemented. In a circular dated April 6 and effective since then, the regulator gave banks three months to exit operations.

 

India is going a step