Delhi HC notice to RBI, Govt, GSTC over circular to ban crypto currency

Delhi High Court has issued notices to Reserve Bank of India (RBI), the Union Government and the GST Council on a plea challenging a recent circular of the RBI which withdrew banking support to Virtual Currency Exchanges like crypto currencies.

Admitting petition of Ahmadabad based crypto currency exchange CoinRecoil, the two-judge bench of Justices S Ravindra Bhat and AK Chawla issued notice to the RBI, the Union of India through Secretary, Ministry of Finance and GST Council. The next hearing in this case has been fixed on May 24 next month.

Crypto-currencies are digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

 

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