Bitcoin traders move SC, say nothing illegal about crypto cash

bitcoin news in India

RBI new for Cryptocurrency

The RBI on April 6 directed banks, e-wallets and payment gateway providers to withdraw support for cryptocurrency exchanges and other businesses dealing with virtual currencies in India.

BENGALURU: A group of bitcoin traders has filed a writ petition in the Supreme Court against the Reserve Bank of India’s order to banks to withdraw services to trade cryptocurrencies, arguing that the regulator was blocking “essential services” as virtual currencies are not banned in the country.

t had 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.