RBI asks Supreme Court, will encourage illegal transactions from crypto currency.

Hello friends in this blog I will share some news about crypto currency what RBI said.
The Reserve Bank of India recently told the Supreme Court that allowing the deal in crypto currency (virtual currency) like bitcoin will encourage illegal transactions. The central bank said that it has already issued circular for the restriction on such virtual currencies.

Cryptosity is a digital currency outside government control, in which the code is used for trading. These currencies work outside reserve control. It does not interfere with the government. Senior Advocate Shyam Diwan, who was present on behalf of the central bank before the lead headed by Chief Justice Deepak Mishra, said that the Center has set up a committee to deal with the issue of crypto currency or virtual currency.

The matter needs a final and immediate decision from the top court. The bench includes Justice AM Khanwilkar and Justice DY Chandrachud. The central bank and the central government have asked for a three-week period for their response on several petitions. The bench has fixed the date for the last hearing on Sept 11, giving more time to the Center and the Reserve Bank to file its reply.

Challenging the use of virtual currencies in some petitions, it has been said that it is a big threat to the traditional economy. Appeal has also been made in the petitions to make guidelines for regulation of these currencies. Apart from this, the petition has also urged the government to stop the purchase of these illegal crypto currency. At the same time, some other petitions have challenged the Reserve Bank's notification on April 6 which prohibits transactions in virtual currencies. If you have any questions you can ask me by comment