Now That SC Allows Cryptocurrency Trading, Here's All About Buying & Selling Of Bitcoin, Others

History Of Cryptocurrencies In India? Supreme Court on Wednesday allowed banks and financial institutions from providing services related to cryptocurrencies by setting aside the RBI's 2018 circular which had prohibited them. On July 3, 2018 while hearing IMAI's plea, the top court had refused to stay the RBI circular prohibiting banks and financial institutions from dealing with the cryptocurrencies like bitcoin. It had also sought response from the RBI, Finance Ministry and Union ministry of Information and Technology on the plea.Supreme Court's decision to lift the ban on trading in virtual currencies is very likely to change market equation big time as one can transact with another sitting in any corner of the world using cryptocurrencies without the need of bank accounts, cheque books and at a very nominal fees. According to economic expert Pankaj Jaiswal, India is country where a large number of people, nearly around 15-20 per cent, who do not have accounts at any banks but still have needs to transfer money.One on hand where payment trough debit/credit cards have certain transaction fees, cryptocurrencies, on the other is almost free and this is the reason behind global acceptance of trading in virtual currencies.