In its decision, the court has held that since the RBI was not able to provide evidence to prove the potential harm that could be suffered by the regulated entities due to the operation of the cryptocurrency players, the RBI’s ban was unjustified. With the challenge to the RBI circular being taken to the Supreme Court, it was for the first time that we heard the view of the regulators. Surprisingly, in its response, the RBI maintained that it did not seek to ban cryptocurrencies.
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