SC Lifted RBI Ban on Crypto Currency

Published on March 04, 2020
Current context: The Supreme Court lifted the ban imposed by the Reserve Bank of India on trade in virtual currency and crypto-currency on 4th March 2020.
SC Lifted RBI Ban on Crypto Currency 
  • The three-judge bench, headed by Justice Rohinton Nariman, allowed a batch of pleas challenging the 2018 circular of the RBI on cryptocurrencies.
  • According to the 6th April 2018 circular, the entities regulated by the RBI are prohibited from "providing any service in relation to virtual currencies including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies".
  • The bench quashed the central bank's order and said that the curb on crypto currency trade is illegal.
  • Cryptocurrency is an internet-based medium of exchange which uses crypto graphical functions to conduct financial transactions.
  • It has no physical counterparts like banknotes or coins that can be carried around, and thus it exists only in electronic form.

Question: 

Q.1 The three-judge bench, headed by _______________ has lifted the ban imposed by the Reserve Bank of India on trade in virtual currency and crypto-currency on 4th March 2020?
a. Justice Ranjan Gogoi
b. Justice Rohinton Nariman
c. Justice Dipak Mishra
d. Justices V Ramasubramanian

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