Cryptocurrency and it’s regulation in India – Recent SC Verdict

The Supreme Court, on March 2020, had struck down RBI’s controversial circular that prohibited any central bank regulated entities from providing banking services to anyone dealing with virtual or cryptocurrencies. This ruling allows banks to handle cryptocurrency transactions. Though this may threaten the country's financial system, it does provide an opportunity for the government and the central bank to form regulatory frameworks and laws that, while allowing the use of cryptocurrencies, can ensure preventive measures that can counter private cryptocurrencies.

What is cryptocurrency?

• Cryptocurrency is an internet-based medium of exchange that uses cryptographical functions to conduct secure financial transactions.
• The common characteristics o