Cryptocurrencies
Cryptocurrency Virtually Outlawed in India as Top Court Backs Ban
- Supreme Court says central bank directive to remain in effect
- RBI had ordered banks to stop dealings with crypto firms
A collection of bitcoin, litecoin and ethereum tokens.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
India’s top 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.