Heena Sharma Blog

The Supreme Court on Wednesday revoked the ban of cryptocurrency imposed by the Reserve Bank of India (RBI) in 2018. Pronouncing the verdict, the three-judge bench of the apex court said the ban was 'disproportionate'. The bench included Justice Rohinton Fali Nariman, Justice S Ravindra Bhat and Justice V Ramasubramanian. The Internet and Mobile Association of India (IAMAI), whose members include cryptocurrency exchanges, and others had approached the top court objecting to a 2018 RBI circular directing regulated entities to not deal with cryptocurrencies. Advocate Ashim Sood, appearing for IAMI, submitted that Reserve Bank of India lacked jurisdiction to forbid dealings in cryptocurrencies. The blanket ban was based on an erroneous understanding that it was impossible to regulate cryptocurrencies, Sood submitted. Read More

Facebook's proposed digital currency must have legal and regulatory issues worked out in key economies before it can be put into use, the Group of Seven economies said Thursday. In a new report on stablecoins -- a type of digital currency backed by reserves assets -- the G7 also urged regulators to coordinate their work to prevent issuers from seeking out the most favorable country from which to operate. "For stablecoin developers, a sound legal basis in all relevant jurisdictions... is an absolute prerequisite," according to the report from the G7 working group led by Benoit Coeure, a European Central Bank board member. Facebook's Libra has generated intense scrutiny from officials worldwide who worry about the impact it could have on the financial system. France's Economy Minister Bruno Le Maire is due to hold a news conference to discuss the report's findings. Digital currencies are ripe for use by terrorist organizations or for money launde