The Supreme Court has given a big decision in the case of crypto currency. The Supreme Court has allowed the transfer of crypto currency through virtual currency. The Internet and Mobile Association of India (IAMAI) had approached the Supreme Court, objecting to the RBI circular of 2018, which issued a directive to regulated entities not to do business in crypto currency. On which the Supreme Court opened the way for the transaction of virtual currency.
IAMAI members exchange crypto currency between each other. The IAMAI claimed in its argument that the RBI move effectively banned legitimate business activity through virtual currency. Explain that RBI had issued a circular on 6 April 2018 that all the units regulated by it will not deal in virtual currency or provide services related to it to any person or entity.