The Reserve Bank of India has been slapped with a writ petition by a number of cryptocurrency traders. The group of traders has demanded in their Supreme Court petition that the RBI’s instruction regarding cryptocurrencies is blocking essential banking services, because virtual currencies are still legal in the country.
The strongest argument is that the central banking authority of India has not declared cryptocurrencies illegal. Therefore, its order to banks to discontinue its services for cryptocurrencies seems irrelevant.
Cryptocurrency In India
According to the Economic Times, the Rajdeep Singh v Reserve Bank of India petition happens to be the fourth such petition against the RBI ban. Cryptocurrency exchanges Moneytradecoin and Kali Digital Eco-systems have also filed individual petitions against the ban. The Supreme Court will hear their petition on May 24.
Earlier in April, the RBI asked e-wallets, payment gateways and banks to discontinue its support for cryptocurrencies like Bitcoin, Ripple, Ether and so on. It has also given a three-month notice to make the order effective. As a result, cryptocurrency exchange in India has become troublesome.
A group of 11 professionals from various businesses filed the petition on May 11. As a result, the Supreme Court has summoned the RBI, as well as the Union of India.
The next hearing is scheduled to take place on May 17.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]