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India's Central Bank Braces For Legal Challenges Over Cryptocurrency Ban

The Reserve Bank of India (RBI) is expected to face fresh legal action over its shock order that financial firms cut off services to cryptocurrency firms and users.

CoinRecoil, a start-up that was set to launch a fiat-to-virtual currency exchange platform later this year, announced it had filed a petition on Sunday to the High Court of Delhi claiming the regulator’s restrictions were unconstitutional.

The complaint concerns a notification issued in early April that ordered banking and payment institutions to “withdraw support” for virtual currency exchanges before July 6 this year.

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