What are cryptocurrencies?

  • That virtual currencies fell beyond the control of the RBI Act , 1934, the Banking Regulation Act, 1949 and the Payment and Settlement Systems Act, 2007 (PSS Act), the RBI has no authority to govern or prohibit virtual currencies in India.
  • The RBI had not applied its mind and had failed to take specific factors into account while publishing the 2018 Circular.
  • The 2018 Circular was a result of RBI’s colorable exercise of control.
  • The 2018 Circular is disproportionate and fails the reasonableness check pursuant to Article 19(1)(g) of the Constitution of India, which guarantees the freedom to carry on every work, commerce or industry to all Indian people.



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