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The crypto currency and the bitcoin currency, the transaction is impossible: the Reserve Bank of india




The Reserve Bank has said in the Supreme Court that crypto currency is not a real currency. He does not regard virtual currencies like Bitcoin as currency, nor is there any law that makes the bank qualify for the acceptance of Bitcoin. The bank clarified that the transactions, payments, settlement, etc. under these currencies can not be protected by law.


Bank gave affidavit to Supreme Court:
In the fresh affidavit filed in the Supreme Court, the Assistant General Manager of the Reserve Bank said that virtual currencies are not in a solid state and they are not issued by any bank, so no law is imposed on them. The currency regulator said that under the FEMA (Foreign Exchange Management Act) the Reserve Bank has the authority to notify any thing as a valid currency. But the law requires that such instrument should have properties such as check, postal order, money order etc. Hence, in such a case, Bitcoin can not be declared currency under FEMA.


Requesting to dismiss all petitions, the bank said that users, depositors and businessmen have been warned of its dangers. The Reserve Bank told the Supreme Court that all petitions should be dismissed as it is the case of economic policy in which the government and the Reserve Bank have the legal right to take a decision. Their approach of petitioners can not be the basis for challenging policy matters.

The bank has given this reply in response to all the petitions, in which the court has urged that the order to stop the business of crypto currency in the country should be ordered because it can lead to the flow of money for anti-social activities. At the same time, there are some petitions in which the Reserve Bank's notification on April 6 has been challenged. In this notification, the Reserve Bank had restricted the financial institutions under its control from providing services in crypto currency. These petitions are also filed in many high courts of the country.


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