NS Delhi High Court On Thursday, the Reserve Bank of India and the State Bank of India were asked to respond to a plea seeking a direction to the authorities to revoke the ban on its use. is i Platform in the transaction and settlement of funds in cryptocurrency exchange, wazirx. A bench of Chief Justice DN Patel and Justice Jyoti Singh issued notice State Bank Of India, reserve Bank of India, National Payments Corporation of India, and the Department of Financial Services and asked them to respond to the petition.

The court listed the matter for further hearing on December 24.

Petitioner Arnav Gulati, a law student, submitted that he had registered with several SBI account holders and registered users. cryptocurrency The exchange is aggrieved by the actions of the WazirX officials which violate its fundamental right to trade under Article 19(1)(g) and the right to equality under Article 14 of the Constitution.

Advocates Siddharth Acharya and Simarjit Singh Satia, representing the petitioner, submitted that the arbitrary action taken by SBI to block the Unified Payment Interface (UPI) services for WazirX (major cryptocurrency exchange) users in violation of the Supreme Court judgment A petition has been filed against. March 2020.

The lawyers said that the PIL involves the interests of around 10 million retail investors of the WazirX crypto exchange platform and sought a direction to the authorities to take effective steps and withdraw the decision to prohibit UPI payments in crypto exchanges.

The petition states that in April 2018, the RBI issued a circular to all banks dealing with any virtual currency or facilitating any person or entity to settle or dispose of them, including bitcoin.

Such services include maintenance of accounts, registration, trading, settlement, clearing, lending against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer of funds into accounts relating to the purchase/sale of virtual currencies. Transfer/receipt is included. It said, thereafter, all cryptocurrency related transactions through banking institutions were stopped.

“Later, in March 2020, the Supreme Court passed a final order setting aside the RBI circular and paving the way for banks and their customers to deal in cryptocurrency. Based on the said order, the RBI issued another circular. under which institutions were permitted to undertake and facilitate transactions in virtual currencies,” it said.

The petition states that on September 15, SBI had banned the use of the UPI platform for its account holders on the WazirX cryptocurrency exchange, which has now been challenged.

It sought a direction to the RBI to regulate and regulate the cryptocurrency sector and thereby provide for payment interfaces and decisions. PTI SKV SKV RKS RKS