Indian supreme court overturns RBI crypto ban

The Reserve Bank of India’s ban on financial firms providing services relating to crypto assets has been overturned by India’s Supreme Court.

In a ruling dated March 4, the court ruled the RBI did have the power to take action against crypto asset services. But the stance it had taken was disproportionate given there was no evidence that regulated entities had suffered.

“When the consistent stand of RBI is that they have not banned [virtual currencies] and when the government of India is