RBI, on 6th Apr’18, issued a circular, Under the circular, entities regulated by the RBI have been prohibited from “providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to purchase or sale of virtual currencies”.
For entities which are already providing such services, a three-month window was provided within which they must cease such activity.
In response, an Ahmedabad-based cryptocurrency startup Kali Digital EcoSystems, filed a petetion which was accepted and the Delhi High Court has now issued a notice to the Reserve Bank of India (RBI), The Union of India through Secretary, Ministry of Finance and GST Council, and sought their reply by May 24th.
This has once again brought hope to the Indian crypto investors community.
I wish something positive comes out.
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