Illogical ban

Monitoring of cryptocurrency is a much better option

The Supreme Court ruled on Wednesday that the Reserve Bank of India’s (RBI’s) ban on banks dealing with the accounts of cryptocurrency traders and exchanges was unconstitutional. The ban, which came into force in April 2018, has crippled the Indian cryptocurrency industry. It was challenged by the Internet & Mobile Association of India (IAMA), and struck down by a three-member Bench. The IAMA pleaded that dealing and trading in cryptocurrency was a legitimate business activity and that the RBI did not have jurisdiction over it as these assets could be classified as commodities rather than currency. This judgment offers relief