INSUBCONTINENT EXCLUSIVE:
A group of eleven individuals have filed a writ petition in the Supreme Court challenging the Reserve Bank of India decision to block
The Reserve bank of India on April 6, 2018 mandated banks, e-wallets, and payment gateway providers to withdraw support for cryptocurrency
exchanges and other businesses dealing with virtual currencies in India
The writ petition filed by a group of eleven different representatives from various crypto related businesses challenges the
The petition came up for hearing before the court of the Chief Justice of India on May 11, 2018
The Supreme Court issued notices to the RBI and Union of India after hearing the petition
The matter has been listed for further hearing on May 17, 2018.
A writ petition is usually filed for the speedy review of an issue
In this case, the writ is primarily to see if the government action is constitutionally sound
The writ petition - Rajdeep Singh v
Reserve Bank of India - is the fourth in the series of writ petitions against the RBI for blocking off banking services to cryptocurrency
On April 6, 2018, Kali Digital Eco-systems Pvt
which runs the exchange CoinRecoil filed a writ in the Delhi High Court on the grounds that the RBI circular infringes on their right to
trade, that is guaranteed in our constitution
A while after, another exchange moneytradecoin.com approached the High Court of Delhi challenging the RBI Circular
The Delhi High Court has clubbed these two cases that will come up for hearing on May 24, 2018
On May 8, another joint writ petition was filed by four cryptocurrency exchanges in the Supreme Court against the RBI circular
The Indian government has set up a committee under Subhash Chandra Garg, Secretary, Department of Economic Affairs that is currently
working on a framework to regulate cryptocurrencies
the Finance Ministry examining virtual currencies.
The move by RBI has already resulted in the flight of many Indian blockchain startups and cryptocurrency exchanges
Many more are mulling the move to crypto-friendly nations like Australia, Estonia, Cayman Islands, Australia and the like
The newest petition was tagged with two pending writ petitions filed in public interest
The two pending writs filed last year pertain to deciding the legality/illegality of cryptocurrencies in India
