The Supreme Court today barred all high courts from entertaining any plea relating to an RBI circular prohibiting dealings in virtual currencies like the Bitcoin.
The apex court, which was hearing pleas seeking direction to the Centre to take emergent steps to restrain the sale and purchase of illegal crypto currencies or virtual currency like Bitcoins, also sought the assistance of Attorney General K K Venugopal in the matter.
Crypto currencies are "a stateless digital currency" in which encryption techniques are used for trading. These 'currencies' operate independently of a central bank like the RBI, "rendering it immune from government interference."
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