CURRENT AFFAIRS

2023

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The restriction on crypto currency trade imposed by the RBI was recently lifted by which institution?

A	Supreme Court of India
B	UN
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -Meanwhile, in March 2020 a significant development took place. The Supreme Court of India lifted the curb on cryptocurrency imposed by RBI, which restricted banks and financial institutions from providing access to banking services to those engaged in transactions in crypto assets.

Detailed explanation-2: -It is a combination of different steps such as buying, selling and transferring. They are the opposite of money as the government does not legally issue them. In a powerful judgement, the Supreme court judgement on Cryptocurrency suppressed the ban inflicted by the Reserve Bank of India.

Detailed explanation-3: -By India Today Web Desk: Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that cryptocurrency trading should be banned in the country as it is completely based on speculation and is similar to gambling.

Detailed explanation-4: -The Financial Conduct Authority (FCA) under the currency system regulates licensing to authorized businesses related to cryptocurrency including exchanges.

Detailed explanation-5: -However, the circular Supreme Court of India lifted the ban and allowed RBI-regulated entities to carry out transaction processes in VCs after various checks and compliances.

There is 1 question to complete.