RATE Group | RBI has no authority to ban cryptocurrencies, says Internet and Mobile Association of In…
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RBI has no authority to ban cryptocurrencies, says Internet and Mobile Association of In…

15 Aug RBI has no authority to ban cryptocurrencies, says Internet and Mobile Association of In…

Posted at 22:15h in Cryptocurrency News by

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  • IAMAI told the Supreme Court that RBI’s action against private businesses in the form of a circular is illegal.
  • IAMAI says RBI banned cryptocurrencies on “moral grounds” and that it is arbitrary, unfair and unconstitutional.

Earlier, there were talks about a Reserve Bank of India (RBI) circular regarding the prohibition of cryptocurrency-related services offered by banks and other financial institutions. However, the Internet and Mobile Association of India (IAMAI) told the Supreme Court that the RBI did not have the authority to issue a ban.

“RBI cannot step out of its powers as set out in the Banking Regulation Act. Therefore, its action against private businesses in the form of a circular is illegal,” IAMAI counsel Ashim Sood said.

He also highlighted that there was no research undertaken by the central bank before issuing the ban. Advocate Sood informed the court about definitions of ‘virtual currency’ and cited multiple sources to show that different…

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