The supreme court of India suggested the various Indian cryptocurrency exchanges to present their cases to the RBI (Reserve Bank of India). Upon the suggestion, the crypto exchanges sent letters to RBI to provide an alternative to its banking ban. Back in April, the Central bank made it a compulsion upon all financial systems regulating in crypto exchanges under its control need to put an end to their contributions to any business in regard to crypto exchanges. In succession to this decision came flowing in subpoenas from various crypto exchanges which petitioned against RBI in the court, which later passed onto the Supreme court.
Supreme court, the highest level of court in India agreed to decide upon hearing all the crypto exchange petitions filed against the RBI on 20th of July. The Supreme court suggested all the crypto exchange parties involved to engage with the RBI, the Central bank for consideration of their pleas. Allowance to present their cases before the RBI within the period of two weeks is granted to cryptocurrency exchanges, their shareholders, traders and other individuals. Upon submission of affairs within the allotted time period, the Central bank assured to look into every case in accordance with the law.
According to a news outlet, numerous suggestions were presented before the RBI, the Central bank. A few bitcoin exchanges apparently have made a request to the RBI asking to eliminate the blanket ban, along with the consideration to keep it intact on those firms that are in violation of the required norms. One of the petitioners said: “We put our points ahead, requesting the RBI to take into consideration the fact that we are willing to make any necessary changes to enhance the KYC-AML [Know Your Customer – Anti-Money Laundering] norms, like including passport details as well. We are completely willing to take any advise the RBI has to provide us that can address their concerns.” (Taken from Bitcoin, Author: Kevin Helms)
Source: Bitcoin, Source of the Image: Cryptocurrency News
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