The Supreme Court of India has recently lifted the ban on cryptocurrency in the country. Background: In 2018, the Reserve Bank of India (RBI) had banned all banks and financial institutions from dealing with cryptocurrencies, citing concerns about money laundering and terrorist financing. Parties: The Internet and Mobile Association of India (IAMAI) challenged the RBI's ban in the Supreme Court. Legal issues: The primary issue was whether the RBI had the authority to ban cryptocurrencies and whether the ban was a reasonable restriction on the right to trade and commerce. Court observations: The Supreme Court held that the RBI did not have the authority to ban cryptocurrencies, as it is not a legal tender in India. The court also observed that the ban was not a reasonable restriction, as it would stifle innovation and economic growth. Significance: This judgment has significant implications for the cryptocurrency market in India, allowing for the free trade and commerce of cryptocurrencies in the country. However, the court also emphasized the need for regulations to prevent money laundering and other illicit activities.