Working Group: Finance - CBDCs

Country: India

Government Body: Supreme Court of India

Key Issue: Crypto Ban

Type of Action: Court Ruling

Status: In Force

Next Steps: N/A

Summary: The Supreme Court of India struck down the bank on banks dealing with virtual currency businesses. As a result, many virtual currency exchanges in India have began to launch. On August 4, 2020, an anonymous government official told news sources that the government is drafting a new law that would ban trade in virtual currencies. The government official said that the Ministry of Electronics and Information Technology, the Ministry of Law and Justice, and the RBI are working together on the framework.

Date: 4 March 2020