Demands for a judicious system to regulate the cryptocurrency ecosystem have been here for a while. But they have gained momentum since last year, after the Supreme Court of India struck down the Reserve Bank of India’s (RBI’s) circular that had prohibited banks and financial institutions from providing such services.
The apex court had struck down the circular on grounds of proportionality (that the action was more drastic than needed for obtaining the desired result; in this case regulation). With mounting allegations of cryptocurrency fraud and many aggrieved citizens …
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