Internet and Mobile Association of India vs. Reserve Bank of India (4 March, 2020)

On 5th April, 2018 Reserve Bank of India issued a press release raising the concern about the consumer protection from trade of virtual currency.

Key Points of the Verdict: Using definitions provided by numerous authorities, governments, and courts, the court concluded that, while virtual currency does not attain the status of legal cash, it can nevertheless be used as real money.

• The court ruled that the RBI can use its authority regardless of whether anything is legal tender or possesses the four criteria of a real currency viz. property, funds, commodities, and money.