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.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.