Updated June 9: The Supreme Court has set July 20 as the date of hearing against the case involving the petitions against the RBI. Watch this space to keep a track on the latest updates.
The Reserve Bank of India (RBI) circular on April 6th banning banks from offering services to cryptocurrency exchanges lead to a massive outcry against India’s central bank. And looks like the Indian cryptocurrency exchanges have decided to put up a joint front against the RBI. A CoinCrunch article has revealed that 4 Indian cryptocurrency exchanges — Koinex, Coindelta, CoinDCX and Throughbit — have filed a joint writ petition challenging the constitutional validity of the RBI circular.
Earlier, two Indian companies, Kali Digital Ecosystems and Flinstone Technologies had also filed an appeal in the Delhi High Court against the RBI ban. The High Court had also issued a notice to the RBI, the Union of India and the GST council and asked for their responses by May 24.
Another leading Indian cryptocurrency exchange, Bitbns had started a Change.org petition which has gathered 44,300+ signatures at the time of writing. An Indian lawyer, Varun Sethi, who goes by the handle Blockchain Lawyer on Twitter initiated a signature campaign to garner support to file a Public Interest Litigation (PIL) against the RBI. Hashtags like #ISuppportCrypto and #RBICantStopMe were used by the community on social platforms to indicate their displeasure with RBI’s move.
It is good to see Indian cryptocurrency exchanges putting up a united front against the RBI. In our videos, we have always urged the entire Indian cryptocurrency investor community to come together and fight to save blockchain and cryptocurrency innovation in India. According to the report, the writ petition is likely to be listed for hearing before the court on May 11, 2018. We do hope that RBI’s draconian move is reversed soon.
Originally published on Medium