Topic: India’s Central Bank has been taken to court due to its cryptocurrency crackdown (Read 118 times)
April 23, 2018, 10:47:14 PM
Good to see this. I don't like the fact that governments try to treat crypto as a crime. All those government officials are buying it up themselves and only shooting it down to get cheaper coins. Completely unfair. They are the thieves
April 23, 2018, 10:37:21 PM
Central Bank works on the ultimate direction from the government itself and for the laws, it's not a difficult task for the legislation to produce one on their favor so ultimately it's better to work around the constituting laws than dragging the central bank to court.
April 23, 2018, 10:30:06 PM
I really don't understand - this is good or bad?)
April 23, 2018, 10:19:24 PM
India’s complicated relationship with cryptocurrencies and firms dealing with them has now reached the courts.
On April 22, the Delhi high court issued a notice to the Reserve Bank of India (RBI) after a petition challenged the banking regulator’s April 06 order barring lenders from doing business with cryptocurrency exchanges. The RBI directive told banks to wind up their existing business relationships with such firms by July this year, signalling the end of the road for several entities in the Indian virtual currency ecosystem.
The petition was filed by Kali Digital Eco-Systems, which had plans to launch its own cryptocurrency exchange, CoinRecoil, in August 2018. The Ahmedabad-based firm has challenged the RBI order on two grounds: Under Article 19(1) (g) of the Indian constitution, which allows citizens to enjoy the right to carry on any occupation, trade, or business; and Article 14, which prohibits discrimination and mandates equal protection under the law for all.
Besides the banking regulator, Kali’s petition also includes the government of India and the goods and services tax (GST) Council. The petition states that it’s the government that has empowered the RBI to take such drastic measures against exchanges, and the GST Council hasn’t yet formulated the requisite rules for digital currencies, causing the present situation to arise.
The next hearing of the case is scheduled for May 24.
The Narendra Modi government, meanwhile, has set up a committee under Subhash Garg, secretary of economic affairs in the finance ministry, to prepare a draft law for bitcoin and other cryptocurrencies. The panel’s report is likely to be submitted by March 2019.
NilecoinTeam
On April 22, the Delhi high court issued a notice to the Reserve Bank of India (RBI) after a petition challenged the banking regulator’s April 06 order barring lenders from doing business with cryptocurrency exchanges. The RBI directive told banks to wind up their existing business relationships with such firms by July this year, signalling the end of the road for several entities in the Indian virtual currency ecosystem.
The petition was filed by Kali Digital Eco-Systems, which had plans to launch its own cryptocurrency exchange, CoinRecoil, in August 2018. The Ahmedabad-based firm has challenged the RBI order on two grounds: Under Article 19(1) (g) of the Indian constitution, which allows citizens to enjoy the right to carry on any occupation, trade, or business; and Article 14, which prohibits discrimination and mandates equal protection under the law for all.
Besides the banking regulator, Kali’s petition also includes the government of India and the goods and services tax (GST) Council. The petition states that it’s the government that has empowered the RBI to take such drastic measures against exchanges, and the GST Council hasn’t yet formulated the requisite rules for digital currencies, causing the present situation to arise.
The next hearing of the case is scheduled for May 24.
The Narendra Modi government, meanwhile, has set up a committee under Subhash Garg, secretary of economic affairs in the finance ministry, to prepare a draft law for bitcoin and other cryptocurrencies. The panel’s report is likely to be submitted by March 2019.
NilecoinTeam
Jump to: