India's top court quashes RBI banking ban on cryptocurrency

A man walks past an electric board showing exchange rates of various cryptocurrencies including Bitcoin (top L) at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017. REUTERS/Kim Hong-Ji

MUMBAI (Reuters) – India’s Supreme Court overturned on Wednesday a central bank ban forbidding lenders to facilitate banking transactions for cryptocurrency exchanges and traders, removing a major hurdle for the development of the sector.

In April 2018, the Reserve Bank of India gave entities it regulated three months to snap all banking relationships with individuals or businesses dealing in virtual currency.

Reporting by Suchitra Mohanty in New Delhi and Nupur Anand in Mumbai; Editing by Clarence Fernandez

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