Only two companies that deal with bitcoins — ZEB IT Services Private Limited and Unocoin Technologies Private Limited — are registered with the Registrar of Companies, in Ahmedabad and Karnataka, respectivley, the Minister of State for Finance and Corporate Affairs Anurag Thakur revealed in Lok Sabha on March 16. Although the Companies Act does not define “bit coin companies”, ZEB IT was found to be violating the Act and is currently under liquidation.
Unocoin Technologies, Thakur said, “is up to date in filing statutory return and no complaints has [sic] been received”.
Supreme Court lifted RBI effective ban on cryptocurrencies
On March 4, the Supreme Court of India removed RBI’s effective ban on cryptocurrencies that prohibited banks from providing any services to cryptoexchanges. Calling the RBi directive disproportionate, the Court said that there was no empirical evidence of harm caused to RBI-regulated entities, cryptocurrencies themselves had not been banned despite proposals by different committees, and the government had not decided on their legality.
Cryptocurrency exchanges CoinDCX, Koinex, Throughbit and CoinDelta had approached the Supreme Court immediately after the RBI circular was passed. After the Supreme Court verdict, ZebPay’s system temporarily went down as users rushed to log in.