RBI banned cryptocurrency deals on moral grounds: IAMAI to Supreme Court

Apex court begins final hearing in challenge against RBI ban on dealing in virtual currencies

The Internet and Mobile Association of India (IAMAI) on Thursday told the Supreme Court (SC) that the Reserve Bank of India (RBI) had banned cryptocurrency on ‘moral grounds’ as there were no studies the banking regulator conducted to analyse if these virtual currencies were actually harmful or not.

In its challenge to the RBI’s circular barring banks from dealing in virtual currency, the IAMAI said while the underlying technology called blockchain was not in question, a total prohibition on cryptocurrency was uncalled for.

It its arguments, the IAMAI said there was a reply given by the RBI under Right to Information, where