“Reg­u­late cryp­tocur­rency to curb illegal trans­ac­tions”

Governance Now - - FACT SHEET -

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.

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