Reserve Bank of India [RBI] was served a notice from the Delhi High Court and it was regarding the RBI ban on cryptocurrency and businesses availing services on cryptocurrencies.
Kali Digital Ecosystems Pvt. Ltd filed a case against the central bank at the Delhi High Court. Kali Digital Ecosystems was reportedly launching their own coin called ‘Coin Recoil’ in the month of August.
The ban imposed by the Reserve Bank of India which mainly prohibits all the banks associated with it to stop dealing with individuals and businesses dealing with Virtual Currencies such as Bitcoin, ETH and more, Kali Digital could not go ahead with their plan.
Recently, the Reserve Bank of India [RBI] released an official statement stating that all the all the entities regulated by the RBI will cease to deal with individual and companies/ businesses dealing with cryptocurrencies as they possess a lot of risks. The central bank had granted all the companies dealing with cryptocurrencies a duration of 3 months to stop providing services related to virtual currencies.
Due to the appeal made by Kali Digital Ecosystems, Justices S. Ravindra Bhat and A. K. Chawla acting on behalf of the Delhi High Court has issued a notice to the Reserve Bank of India to respond to the petition by May 24th.
In addition, Kali Digital Ecosystems marks that the declaration made by the Reserve Bank of India as discrimination under the Article 301 of the Indian Constitution which guarantees the freedom of Trade and Commerce throughout the nation due to RBI’s mistake in defining cryptocurrency.
The company also holds Goods and Services Tax Council [GST] responsible because they failed to implement proper cryptocurrency regulations.
Mayank Sharma, a crypto-enthusiast says:
“This was bound to happen. The Reserve Bank of India does not even know what cryptocurrencies are, someone please quiz them on how crypto works. They just declared that cryptocurrencies poses a risk without even researching about it. This is just one company. There are more companies that are going to appeal to the court.”
Jitendra Kumar, a cryptocurrency trader and investor says:
“When will India ever learn? They first disapprove everything that might actually lead to the progress of the company and then they realise the terrible mistake they made and work on it. By then, the whole world would’ve moved ahead”
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