For all the people trading in cryptocurrency, there is finally a relief due to the recent verdict on the ban on crypto currency. Reserve bank of India had stated that dealing in crypto currency is not valid and legal. However, finally due to the verdict made on Wednesday, the ban on crypto currency is disproportionated. The three judges were Justice Aniruddha Bosa, R F Nariman and V Ramasubramanian.
A 180 page judgement states- “The petitioners are entitled to succeed and the impugned Circular dated 06-04-2018 is liable to be set aside on the ground of proportionality. Accordingly, the writ petitions are allowed and the Circular dated 06- 04-2018 is set aside.”
In the judgement- it is also noted that- “Till date, RBI has not come out with a stand that any of the entities regulated by it namely, the nationalized banks/scheduled commercial banks/co-operative banks/NBFCs have suffered any loss or adverse effect directly or indirectly, on account of the interface that the VC exchanges had with any of them.
On the same, commenting on the judgement of justice, Abhishek K Rastogi who is a partner at Khaitan and Co said- “This decision will change the entire regulatory landscape for cryptocurrency in India and is expected to bring the business back to India. This decision will help those investors who had used legitimate money through banking channels.”
“We have always been bullish on this segment, we believe that this sector should be open and have said that industry players are open for regulation. Crypto is a part of the country’s digital economic growth, so we welcome the Supreme Court’s judgment,”Added by Naveen Surya, Chairman Emeritus, Payments council of India.