INTERNET AND MOBILE ASSOCIATION OF INDIA vs RESERVE BANK OF INDIA

The Supreme Court ruled that the Reserve Bank of India's (RBI) circular prohibiting banks from dealing with virtual currencies was unconstitutional, violating the petitioners' rights under Article 19(1)(g) of the Constitution. The Court held that the RBI failed to demonstrate that the ban was necessary to achieve its objectives of consumer protection and market integrity, thus establishing that regulatory measures must be proportionate and justified. The judgment quashed the RBI's circular and allowed banks to provide services to entities dealing with virtual currencies.