The SC judgment gives relief to cryptocurrency exchanges, but they still require to be controlled.
That the Supreme Court struck down as “disproportionate” a 2018 circular by the Reserve Bank of India(RBI) that directed entities not to offer services to those trading in “virtual currencies” (cryptocurrencies) is understandable. In spite of ministerial committee recommendations, and cautions by institutions such as the RBI about the bothersome nature of their payment and exchange approaches, the use of virtual currencies over the Internet continues to remain legal in India. But the instant effect of the RBI circular was to choke the agencies that sought to provide a platform to facilitate trading in cryptocurrencies by cutting them off from banks. This, the petitioners claimed, had a chilling impact on the recently established cryptocurrency exchanges industr