WEB DESK
The Reserve Bank of India (RBI) said it had not banned cryptocurrencies such as Bitcoin. It says it has only “ring-fenced” regulated entities from associated risks, The Economic Times reported.
The statement was in an affidavit filed with the SC against a petition filed by the Internet and Mobile Association of India (IAMAI).
Adding that it was not against technological innovation, the RBI noted that only regulated entities such as banks were ring-fenced from risks such as terror financing and money laundering through cryptocurrencies, the paper added.
IAMAI filed a petition with the Supreme Court objecting to a 2018 RBI circular which stopped regulated entities from dealing in cryptocurrencies. The RBI then filed a 30-page affidavit with the SC in September, ET reported.