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With SC verdict, cryptocurrency exchanges in Indian begin to integrate bank services once again

The Supreme Court of India struck down the RBI's banking ban against the cryptocurrencies yesterday, stating the directive as disproportionate. A three-judge bench consisting of Justice Rohinton Fali Nariman, Justice S. Ravindra Bhat, Justice V. Subramaniam quashed the RBI's April 2018 circular, which restricted banks from providing services to businesses dealing with cryptocurrencies. While placing the ban, the RBI had stated that cryptocurrencies raise concerns of consumer protection, market integrity and money laundering, among other risks. The circular effectively banned trading of cryptocurrencies in India, especially crippling exchanges, as it cut them off from the formal economy. The Supreme Court judgment comes in response to a petition filed by cryptocurrency exchanges CoinDCX, Koinex, Throughbit and CoinDelta which had approached the Supreme Court immediately after the circular was passed. The writ petition was later joined in July 2019 by the Internet and Mobile Association of India represented by Nishith Desai Associates and advocate Ashim Sood. The court struck down the circular on the grounds that: there is no empirical evidence of any harm caused to the RBI regulated entities, including banks, from the directive; cryptocurrencies are not currently banned — despite several committees coming up with proposals and two draft bills, the government has not been able to decide on their legality; the ban is not proportionate to the risk sought to be addressed by such ban. CoinDCX, WazirX, Zebpay start to offer bank services Cryptocurrency exchange CoinDCX, one of the petitioners, said it will now integrate bank account transfers, as all exchanges can…

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