Cryptocurrency exchanges set to challenge the RBI’s order

Cryptocurrency exchanges in India are thinking about challenging the RBI’s order which bans entities under its regulation from providing services related to cryptocurrencies.

Startups including Unocoin, Coinsecure and Zebpay have expressed their reservations with the order and are considering to mount a legal challenge in the Supreme Court.

Coinsecure said that they were talking about the issue with industry stakeholders like Blockchain and Cryptocurrency Committee of India and the Internet and Mobile Association of India.

Jincy Samuel, Chief Operating Officer of Coinsecure said, "We, along with the other industry players are in talks with IAMAI and BACC to see if they could help us in getting a hearing at the Supreme Court to see if stay orders are possible on the current decision of the RBI."

However, Samuel accepted that the central bank’s order will affect their services and investors will be left with alternatives to move to an alt-to-alt trading or the cash market.

In his official twitter, Zebpay CEO Ajeet Khurana said that no chance this request will stop them. "We will continue to do what is best for our customers, and what is best for our country. Am studying the present situation and will react shortly and we will emerge stronger (Sic)," he tweeted.

Though the company acknowledged that "a sudden disruption in banking services could affect our ability to service deposits and withdrawals."

In its order released on April 5, the RBI stated, "In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling Virtual Currencies.

Regulated entities which already provide such services shall exit the relationship within a specified time." The central bank has been given three months to the regulated entities.

"As on today, no banks (that we are working with) have issued any notice to us and when they do and if it has an impact on you and /or us, we will surely communicate to you," Unocoin said in a statement.
Souce : TechGIG

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