RBI Can’t Recognize Bitcoins Under The Current Legal Regime: Files Affidavit in Supreme Court

In April 2018, the Reserve Bank of India (RBI), issued a circular prohibiting all the banks and digital wallets associated with RBI to stop providing the banking facilities to those companies which are providing the crypto-INR exchange facilities. In response to the ban, various cryptocurrency exchanges started challenging RBI in different courts. All of these cases were clubbed and were taken to the Supreme Court.

#BREAKING – @RBI files affidavit in top court against cryptocurrency and says that it can’t recognize bitcoins under the current legal regime as virtual currencies are neither money nor currency, can’t even be considered as a valid payment system.

— News18 (@CNNnews18) September 12, 2018

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