Five writ petitions have now been filed against the order by the Reserve Bank of India (RBI) banning banks from providing services to entities dealing with cryptocurrencies. The country’s Supreme Court has set a date to hear all petitions but has barred all other courts from accepting any new ones.
Also read: US State Issues Emergency Cease and Desist Orders to Two Crypto Investment Firms
Latest Writ Petition Against RBI Order
Five petitions have been filed with Indian courts against RBI’s order banning financial institutions under its control from dealing with cryptocurrencies and servicing entities that deal with them including crypto exchanges. RBI has set “a three-month deadline or by July 5 for financial institutions to comply with its notice, putting the cryptocurrency businesses in India in a disarray,” the Economic Times elaborated.
The latest writ petition was filed by the Internet and Mobile Association of India (IAMAI), a non-profit industry body representing the interests of online and mobile value-added services industry. It was filed on Tuesday according to IAMAI president, Subho Ray, and the Supreme Court website, Inc42 reported.
Crypto exchanges that are part of the association include Unocoin, Zebpay, and Coinsecure. They were originally part of another industry body called the Digital and Blockchain Foundation of India which merged with IAMAI, the publication detailed.
Four Other Writ Petitions
The fourth writ petition was “filed by a group of 11 different representatives from various crypto-related businesses,” the Economic Times conveyed on Monday. One of the petitioners told the news outlet:
Banking is an essential service. How can one deny access to an essential service when I am not doing anything illegal? You have not declared VCs (virtual currencies) illegal in the country.
Three more writ
