-Bitcoin news, price, information & analysis Crypto companies were heard in India today as they told the supreme court that the ban on banks interacting with cryptocurrencies is illegal. The global community has placed widespread pressure on the courts to stop the ban, as crypto exchanges have threatened to take their business elsewhere.
On July 5, regulated Indian banks were stopped from interacting with crypto companies leading to a reduction in the availability for users to withdraw or deposit funds. While some users are using peer-to-peer services to continue to use crypto companies, it has led to a reduction in services for Indian users.
The petition to the courts was filed by Kali Digital Eco-Systems, which was set to launch its own crypto exchange, CoinRecoil, in August. They argued the ban was unconstitutional on two grounds.
These are 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. major cryptocurrency exchange Zebpay has also challenged the ban on digital asset trading in the courts, challenging the circular issued by the RBI as they “feel it is counterproductive, and against the interest of citizens.” The cases were merged into one hearing to save time after multiple petitions were filed from courts including Calcutta high court and Delhi high court.
Zebpay CEO Ajeet Khurana tweeted: “We have put our best foot forward for the SC hearing today. I am confident that the honorable court will take the right decision in national interest. Read more from newsbtc.com…
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