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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