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IAMAI says RBI has no authority to ban cryptocurrencies

Thursday, August 15, 2019, 11:20 AM

Challenging a Reserve Bank of India (RBI) circular prohibiting banks and financial institutions from providing services in relation to cryptocurrencies, the Internet and Mobile Association of India (IAMAI) told the Supreme Court that the RBI did not have the authority to place a ban when there was no legislative policy in place for virtual currencies.