Indias top court strikes down ban on cryptocurrency trading

I think there may be some confusion here. India's top court, the Supreme Court, has not struck down the ban on cryptocurrency trading. In fact, the Reserve Bank of India (RBI) had issued a circular in April 2018, banning banks and financial institutions from providing services to individuals and businesses dealing with cryptocurrencies like Bitcoin, Ethereum, and others.

The RBI's circular was challenged by several cryptocurrency exchanges and individuals, and the matter was taken up by the Supreme Court. In March 2020, the Supreme Court upheld the RBI's circular, effectively banning cryptocurrency trading in India.

The court ruled that the RBI had the authority to regulate the financial system and that the circular was a reasonable measure to prevent the risks associated with cryptocurrency trading. The court also noted that the RBI had not prohibited the use of cryptocurrencies per se, but had only restricted the use of banks and financial institutions to facilitate transactions.

So, to clarify, the Supreme Court has not struck down the ban on cryptocurrency trading in India. The RBI's circular remains in effect, and cryptocurrency trading is not currently legal in India.