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Mobile body IAMAI moves apex court over RBI's cryptocurrency ban

Mobile body IAMAI moves apex court over RBI's cryptocurrency ban

Mobile body IAMAI moves apex court over RBI's cryptocurrency ban
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By CNBC-TV18 May 17, 2018 11:44:33 AM IST (Published)

The Internet and Mobile Association of India (IAMAI) has filed a writ petition in the Supreme Court (SC) to put a stay on the central bank's order on banning cryptocurrency, The Economic Times reported.

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The Reserve Bank of India (RBI) refused to declare the use and dealing of virtual currencies even by regulated entities on April 6, at the RBI policy meet.
The central bank also gave the banks a deadline of July 6 to adhere to this norm.
IAMAI’s petition was the fifth such petition to be filed in the apex court, the report said, referring to the filing spotted in the SC's website.
Subho Ray, IAMAI president, confirmed this development to the paper on Wednesday but did not mention when the petition is scheduled for the hearing.
Earlier,  Kali Digital Eco-systems and Moneytradecoin, crypto exchanges, filed petitions to the Delhi High Court against the RBI rule and four other crypto exchanges filed a joint writ petition in the apex court against the order.
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