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Current Legal System Can’t Recognize Bitcoin, India’s Central Bank Tells Supreme Court
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The Reserve Bank on India (RBI) on Wednesday filed an affidavit in the Supreme Court to clarify its stand on cryptocurrencies like Bitcoin.
The central bank reserved its views on the legality of cryptocurrencies in India, telling the apex court that the constitution has not defined any legal system for virtual currencies. Citing the provisions of The Coinage Act and The RBI Act, the affidavit explained that the existing legal frameworks neither recognize Bitcoin as currency nor money. Hence, they are not a valid payment system.
The Supreme Court of India is currently hearing a case between the RBI and Bitcoin exchanges. The court’s busy schedule has pushed the hearing date twice already; the next hearing is now scheduled for September 17, 2018.
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