Banking ban on cryptocurrencies considered disproportionate by SC

Mumbai: The Supreme Court bench cited “grounds of proportionality” in its verdict on Wednesday which overturned the Reserve Bank of India’s decision to disallow banks from trading in cryptocurrencies. The three judge bench comprised of Justices R F Nariman, Aniruddha Bose and V Ramasubramanian.

A copy of the 180-page judgement accessed by ET said that, “The petitioners are entitled to succeed and the impugned Circular dated 06-04-2018 is liable to be set aside on the ground of proportionality. Accordingly, the writ petitions are allowed and the Circular dated 06- 04-2018 is set aside.”