Four Crypto Exchanges Take Legal Action Against India’s Bitcoin Banking Ban
It was reported earlier this week that four more Indian cryptocurrency exchanges have jointly filed a Writ Petition (Civil) no. 373 of 2018 under Article 32 of the Constitution to challenge the validity of the Reserve Bank of India’s circular which sought to cut off banking services to cryptocurrency exchanges.
Exchanges Coindelta, Koinex, Throughbit, and CoinDCX and their shareholders recently took to the Supreme Court to dispute the Central Bank’s order to regulated banks and payment platforms to immediately halt their services to persons or entities dealing with virtual currencies. It was noted that a first writ petition which sought an outright ban on cryptocurrencies had already been filed before the Supreme Court of India.
The RBI dictum however, was met with public outcry after it had caused a significant negative impact on a large number of cryptocurrency ventures and startups in the country.