Reserve Bank of India [RBI] taken to court AGAIN!

Recently, the Reserve Bank of India [RBI] was slammed with a petition by Kali Digital Ecosystems due to the cryptocurrency rule that forbids all the banks under the RBI to have a relationship with any individual or business dealing with cryptocurrency.

This time Flintstone Technology Private Limited will be the main reason RBI will be encountering with the High Court again. The company has filed a plea asking the Central Bank to withdraw the circular and also claims that the RBI hasn’t provided a proper reason for barring all the banks from providing services related to cryptocurrency.

Flintstone Technology Pvt Ltd. is a Maharastra based company which deals with cryptocurrency digital wallet that provides service for Bitcoin [BTC] and Money Trade Coin [MTC]. The lawsuit filed by the company will be presented before Justice Rajiv Shakdher.

On 5th April, Reserve Bank of India [RBI] circulated a statement stating that all the banks affiliated with the bank will not be dealing with entities/ individuals/ businesses dealing with cryptocurrencies as it possesses a lot of risks.

In the meanwhile, they even announced that they will be coming up with their own cryptocurrency and a Central Bank which will mainly be dealing and regulating the fiat currency.

Naveen Sharma, a crypto-enthusiast says:

“Slowly all of them are coming out and stepping up against the Central Bank. This is a sort of violation of rights. They can’t just order banks to stop dealing with people involved in the crypto-space. It is going to be next big revolution and we have no intention of lagging behind.”

Arjun Thilak, a cryptocurrency investor and trader says:

“We have the right solution for all the problems. And India, being India is turning a blind eye towards it. When is the government ever going to learn? Always taking the wrong decisions and by the time they realise it, its too late.”

Namitha Singh, an Internal Auditor says:

“I don’t understand why Zebpay and Unocoin aren’t coming forth and doing something about this. When small ventures are clearly fighting on behalf of crypto-space. They have a bigger reach and a stronger base. Way to go Flintstone and Kali Digital.”

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