On 4 March 2020 a three-judge bench of the Supreme Court struck down the RBI Circular of 6 April 2018 that had directed banks and other RBI-regulated entities to refuse banking services to cryptocurrency exchanges. The judgment is the foundational Indian authority on proportionality review of regulator action affecting the Article 19(1)(g) right to trade — and is widely misreported as having legalised cryptocurrency, which it did not do.