Indian Supreme Court lifts RBI ban on trading in cryptocurrency
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Thursday
February 09, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
THURSDAY, FEBRUARY 09, 2023
Indian Supreme Court lifts RBI ban on trading in cryptocurrency

World+Biz

TBS Report
04 March, 2020, 12:10 pm
Last modified: 04 March, 2020, 12:12 pm

Related News

  • India raises cost of borrowing to 6.5% to tame inflation
  • Crypto crime hits record $20bn in 2022
  • Alternative trading platform launched for non-listed firms
  • India cenbank chief says next financial crisis will come from private cryptocurrencies
  • How a secret software change allowed FTX to use client money

Indian Supreme Court lifts RBI ban on trading in cryptocurrency

In April 5, 2018, RBI issued a press release stating that virtual currencies (VCs), referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering

TBS Report
04 March, 2020, 12:10 pm
Last modified: 04 March, 2020, 12:12 pm
Cryptocurrency. Photo: NDTV
Cryptocurrency. Photo: NDTV

The Indian Supreme Court on Wednesday allowed dealing in cryptocurrency, quashing an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin, reported NDTV.

The development came as a major relief for the sector, as the RBI ban restricted lenders from facilitating banking transactions for cryptocurrency exchanges and traders.

In April 2018, the central bank had tightened rules to discourage the use of virtual currencies such as Bitcoins, prohibiting banks and financial institutions from providing any related services.

The central bank gave entities three months to snap all banking relationships with individuals or businesses dealing in virtual currency. That ban was aimed at "ring-fencing" the country's financial system from the private virtual currencies, deemed illegal by the government.

Bitcoin - the largest and most popular cryptocurrency - has appreciated by almost half so far this year, to regain the $10,000 mark against the US dollar for the first time since October.

Other major cryptocurrencies which tend to move in correlation with Bitcoin have also gained this year; while Ethereum has more than doubled, Ripple's XRP is up over 75 per cent.

The cryptocurrency's 11-year history is replete with fast ascents and equally rapid plunges. In late 2017, it rose three and a half times in just 35 days to reach almost $20,000. It then slumped 70 per cent in seven weeks. Such wild and often inexplicable swings are why Bitcoin faces a struggle to become a functioning currency.

Cryptocurrencies are digital currencies in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

While many regulators around the world have been warning against trading in bitcoins, some have backed it. In 2017, Japan accepted bitcoin as legal currency and even officially recognised Bitcoin exchanges.

Top News

cryptocurrency / trading / RBI

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Photo: PID
    Rail connectivity will ease Dhaka's traffic jam, says PM
  • 5.2 magnitude earthquake hits Indonesia, 4 killed
    5.2 magnitude earthquake hits Indonesia, 4 killed
  • Bangladesh to publish quarterly GDP data before IMF deadline
    Bangladesh to publish quarterly GDP data before IMF deadline

MOST VIEWED

  • 5.2 magnitude earthquake hits Indonesia, 4 killed
    5.2 magnitude earthquake hits Indonesia, 4 killed
  • Photo:Collected
    Indian government asks people to hug cows on Valentine's Day
  • The Adani Group headquarters in Ahmedabad. Photo: Bloomberg
    Adani-Hindenburg row: Indian SC to hear pleas on 'conspiracy that tarnished India'
  • Photo: Collected
    In a first for India, transgender couple become biological parents
  • YouTube says homepage back up after brief outage
    YouTube says homepage back up after brief outage
  • FILE PHOTO: People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken September 27, 2013. REUTERS/Kacper Pempel/Illustration/File Photo
    'Over daily limit': Twitter users say they are unable to post amid outage

Related News

  • India raises cost of borrowing to 6.5% to tame inflation
  • Crypto crime hits record $20bn in 2022
  • Alternative trading platform launched for non-listed firms
  • India cenbank chief says next financial crisis will come from private cryptocurrencies
  • How a secret software change allowed FTX to use client money

Features

Google’s investment bodes well for Ireland’s economy.Photographer: Hollie Adams/Bloomberg

Layoffs alone won’t solve tech's problems

3h | Panorama
Mirsarai Autism Centre has been established to facilitate 7,000 disabled, autistic children at a distant village of Mirsarai upazila. Photo Minhaj Uddin

Children are everyone's business

8h | Panorama
Caption1: One of Shaker Ibne Amin’s earliest and most favourite builds which he calls the ‘Soul’. Photo: Saikat Roy

3Monkey: Making the dream custom bike for every rider

7h | Wheels
Chinese automobile manufacturers dominate the 2023 Dhaka Motor Fest

Chinese automobile manufacturers dominate the 2023 Dhaka Motor Fest

6h | Wheels

More Videos from TBS

Ekushey book fair to see fewer releases this year

Ekushey book fair to see fewer releases this year

5h | TBS Stories
Sirajdikhan's delicious Patkhir is also in demand abroad

Sirajdikhan's delicious Patkhir is also in demand abroad

5h | TBS Stories
LeBron James NBA's all-time highest scorer

LeBron James NBA's all-time highest scorer

5h | TBS SPORTS
Turkaslan's fate is the contrast of Atsu's

Turkaslan's fate is the contrast of Atsu's

5h | TBS SPORTS

Most Read

1
Photo: Courtesy
Panorama

From 'Made in Bangladesh' to 'Designed in Bangladesh'

2
Master plan for futuristic Chattogram city in the making
Districts

Master plan for futuristic Chattogram city in the making

3
Photo: Collected
Crime

Prime Distribution MD Mamun arrested in fraud case

4
Maqsuda Begum made new executive director of Bangladesh Bank
Banking

Maqsuda Begum made new executive director of Bangladesh Bank

5
Photo: Rajib Dhar/TBS
Bangladesh

HSC results to be published Wednesday

6
30% companies see double-digit growth even in hard times
Economy

30% companies see double-digit growth even in hard times

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]