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RBI says to Supreme Court: Cryptocurrency would encourage illegal transactions

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On Friday, the Reserve Bank of India (RBI) told to the Supreme Court which allow the dealing in crypto currencies such as Bitcoin give a boost to illegal transactions and now it also issue a circular prohibiting use of these virtual currencies.

It is found that the cryptocurrencies are a stateless digital currency in which trading is done by encryption technique and these currencies generally operate independently of a central bank such as RBI, “rendering it immune from government interference.”

Both the federal bank and central bank sought three week time from the bench which was headed by the Chief Justice Dipak Misra and informed by senior advocate Shyam Divan, appearing for the RBI and this committee has been setting up to deal with the issues regarding crypto currencies by the centre. Such kinds of matters generally required a final and real decision from the top court.

This bench was also comprised justices D Y Chandrachud and A M Khanwikar for filling their response of the petitions of the different kinds of issues which is related to cryptocurrency trading.

On September 11, the case gets prepared for its final hearing. The bench granted time to the centre and the RBI for filling some response and also fixed the petition for the final hearing.

Some petitions also challenged the use of virtual currencies and frame the guidelines to regulate them. They also sought a direction to the centre to take some important steps to restrain the sale and purchase of illegal crypto currencies.

On April 6, there are some more petitions have challenged the RBI notification on “prohibition on dealing in Virtual Currencies.” Earlier, the apex court, on 17 May, has transferred to itself and also barred some petitions from entertaining any plea in future regarding RBI circular prohibiting dealings in such currencies.

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