The Delhi High Court has admitted a petition by Ahmedabad based cryptocurrency exchange CoinRecoil which challenges the RBI's order that barred all regulated entities like banks from dealing in virtual currencies. The high court has issued a notice to the central bank, the Ministry of Finance and GST Council on the matter. CoinRecoil, which is scheduled to launch its service in August this year, is building a FIAT-to-Cryptocurrency platform. In the petition, CoinRecoil requested the High Court to issue an appropriate writ quashing the circular issued by the RBI withdrawing banking support to virtual currency exchanges. The petitioner claimed the circular to be arbitrary, unconstitutional and violative of Article 14 and Article 19(1)(g) of the Constitution of India, 1950. According to the company’s press statement, CoinRecoil in its petition also included the Union of India and Goods and Service Tax…
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