Quick Summary
The Supreme Court of India lifted ban on the cryptocurrency on the 4th of March 2020. The Reserve Bank of India had issued a circular in the year 2018 which barred banks in India from dealing in cryptocurrency. A plea challenging the RBI's circular was raised which had now been allowed by the Supreme Court of India. Trading in cryptocurrencies will now be allowed, after lifting the ban on cryptocurrency. What do you think will be the possible implications in the tax regime?
FAQ :
The ban on cryptocurrency was lifted by the Supreme Court of India on March 4th, 2020.
The Reserve Bank of India (RBI) issued a circular in 2018 that barred banks from dealing in cryptocurrency.
The Supreme Court's decision means that banks in India are no longer barred from dealing in cryptocurrency.
Yes, trading in cryptocurrencies is now allowed following the Supreme Court's decision to lift the ban.
The Supreme Court intervened after a plea was raised challenging the RBI's 2018 circular that banned cryptocurrency dealings.
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