India’s central financial institution, the Reserve Bank of India (RBI) has requested the Supreme Court that it should not accept petitions from crypto-related businesses on lifting the ban from trading cryptocurrency, in a recent affidavit filed by the former. The move comes days after the RBI proclaiming that bitcoin cannot be acknowledged as currency by the current legal system of the country.
In the affidavit filed with the Supreme court of India, RBI puts forth that, since crypto-trading was prohibited in a way that does not interfere with India’s existing regulations, the Supreme Court should not consider accepting petitions challenging the decision.
In the affidavit, RBI stated:
“The impugned circular and the impugned statement neither violate the right to equality guaranteed under Article 14 or the right to trade and business guaranteed under Article 19 of the Constitution…The petitioner cannot seek to exercise the extraordinary jurisdiction of this Honorable Court to avail a right which they do not have. The impugned circular and the impugned statement have been issued in a manner that is consistent with the powers conferred on the RBI by the law and the same are legal and valid.”
While organizations such as the Securities and Exchange Board of India (SEBI)… To continue reading click here.
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