On Friday, The Reserve bank of India(RBI) told the supreme court that permitting trading in
cryptocurrencies like Bitcoins would energize illicit exchanges and it has as of now issued a
circulatory restricting the utilization of these virtual monetary forms.

A seat headed by Chief Justice Dipak Misra was informed by senior promoter Shyam Divan, representing
the RBI, that a board of trustees has been set up by the Center to manage the issues identifying with
digital forms of money and the issues required a last and early choice from the best court.

Cryptocurrencies are considered as “a stateless digital currency” in which the techniques used for
trading, are encrypted. These currencies work independently of a bank like RBI, “rendering it
immune from government interference”.

The bench headed by Dipak Misra, Chief Justice of RBI along with the Federal bank had justices A M
Khanwilkar and D Y Chandrachud as well and they have got 3 weeks’ time for documenting their
reactions to a grasp of petitions on the issue. They have been granted the time as the final hearing is
scheduled for September 11.

There were petitions that were filed before to challenge the use of cryptocurrencies and assumed that
these currencies can bring big dangers to the usual economy.

Prior, the Supreme court, on May 17, had exchanged to itself the petitions pending in different high
courts on virtual monetary forms and banished them from engaging any supplication in future
identifying with an RBI round forbidding dealings in such monetary standards.

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