Cryptocurrency Exchanges to Approach Supreme Court on RBI’s Order to Restrict Banks to Deal with Platforms

Sahaj  |  May 28, 2021

As RBI has recently restricted banks to deal with cryptocurrency exchanges, the crypto-based platforms are planning to go to the Supreme Court. The exchanges are reportedly setting to strategize with the Supreme Court docket to find a course on whether or not the RBI can direct banks to cease Operating with crypto-based exchanges.

Cryptocurrency Exchanges to Knock Supreme Court’s Doors

Earlier, the Reserve Bank of India ordered the ban of cryptocurrencies, which was quashed by the Supreme Court docket and this has come after the RBI requested the banks by a casual diktat to restrict operating with the cryptocurrency exchanges.

As witnessed in the last month, several banks have stopped offering their services to these exchanges which has ultimately led to a significant disturbance in the ecosystem.

Exchanges have been managing the users’ deposits through Paytm or P2P transactions, out of which, only the P2P option is working as of now. 

Paytm too stopped offering services to the cryptocurrency exchanges from the final week. At present, all the exchanges are coming together to find readability across the fee choke.

Crypto Exchange Founders on Banks Snatching Support from Exchanges

Ashish Mehta, the Co-Founder of DigitX said:

“Even after the final 12 months’ Supreme Court docket verdict, the place it quashed the RBI order to ban crypto transactions, the banks should not lend their companies to crypto exchanges and crypto merchants.”

In addition to this, Ashish stated:

“Retaining this problem in thoughts and the influence on enterprise exercise, a lot of the main crypto exchanges need to knock the door of the Supreme Court docket once more to get a transparent lower directive relating to banking companies in order that uninterrupted transaction companies might be offered to the merchants/buyers.”

Sathvik Vishwanath, the Co-Founder, and CEO of Unocoin Applied Sciences said:

“I’m conscious of the plan of exchanges as a part of our affiliation in IAMAI that we want to strategy the Supreme Court docket to get this sorted out.” 

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