“Regulate cryptocurrency to curb illegal transactions”
The Reserve Bank of India (RBI) has told the supreme court that it is necessary to regulate Bitcoin and other cryptocurrencies to check illegal transactions which will impact the international flow of funds. The RBI told the bench of chief justice Dipak Misra, justice AM Khanwilkar and justice DY Chandrachud that its stand is of extreme caution as it has severe policy implications. The court was hearing a plea against the RBI circular banning bank dealings in cryptocurrencies. The apex court slated the next hearing for September 11 as senior counsel Gopal Subramanium told the court that matter is serious and needed to be heard and decided at the earliest.