In a fresh petition against the RBI’s order dated April 6, disallowing regulated entities from dealing in virtual currencies or offering services to entities dealing with them, the IAMAI (Internet and Mobile Association of India) has moved the Supreme Court (SC) to issue a stay on the order.
The report stated that the IAMAI’s petition was filed in the apex court on Tuesday, according to the SC website. Also, IAMAI president Subho Ray confirmed the filing of the petition but did not want to comment till the matter was scheduled for a hearing.
It is to be noted that last year, several cryptocurrency exchanges had come together to form an industry body called the Digital and Blockchain Foundation of India in order to liaise with the government and the regulator.
However, in November 2017, the association was merged with the IAMAI. Crypto-exchanges that are part of the IAMAI includes Unocoin, Zebpay, and Conisecure among others.
According to the RBI order, the banks have three months to settle their businesses with entities and consumers dealing with cryptocurrencies.
Recently, the SBI notified its customers that it has discontinued cryptocurrency dealings through SBI cards. It is worth noting that leading Indian banks including HDFC, AXIS, YES, ICICI, and Kotak Mahindra banks have already stopped a slew of their services to cryptocurrency exchanges and other entities and traders.