Reserve Bank of India(RBI) released a notice in the year 2018 asking the banks and other financial institutions to cancel their associations with cryptocurrencies and prohibited them from providing their services to them. Ever since then a legal battle has been going on and recently, Internet and Mobile Association of India(IAMAI) have claimed in the Supreme Court that RBI had no rights to impose a ban on cryptocurrencies as there is no legislative policy present for virtual currencies. They further added that the central bank didn’t conduct thorough research on the cryptocurrencies before imposing a ban. Advocate ... (full story)