RBI Can’t Recognize Bitcoins Under The Current Legal Regime: Files Affidavit in Supreme Court
Virtual Currencies Are Neither Money Nor Currencies – RBI
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. pic.twitter.com/9fxxe48Yqr
— News18 (@CNNnews18) September 12, 2018
To put their point across the court and to clarify their aversion for the digital assets, RBI has filed an affidavit in top court against cryptocurrency. The affidavit states that cryptocurrencies like bitcoins cannot be recognized under the current legal regime. Furthermore, RBI further states that virtual currencies are neither ‘money’ nor ‘currency’, and they can’t even be considered as a valid payment system.
The above has nothing to do with today’s RBI VS CRYPTO Supreme Court Hearing.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.