The body of policymakers representing the interests of the cryptocurrency industry in India, has said that they will not file a challenge that is legal. This legal challenge will not be filed against the RBI, or the Reserve Bank of India. They added that they have no plans when it comes to filing a court challenge pertaining to contempt of court.
They made this revelation through a spokesperson on the internet. The IAMAI also reported to CoinDesk regarding the CEO of CoinBase. This CEO, named Brian Armstrong, was responsible for initiating the idea related to a legal challenge against the RBI.
No Legal Challenge to the RBI
The CEO of Coinbase was responsible for sowing seeds related to a challenge at the level of the Supreme Court. He did this through a tweet, when he asked about the shadow ban imposed by the RBI. Through this shadow ban, payment processors found themselves cut away from the crypto exchanges that were local.
Armstrong’s tweet came after his company unsuccessfully tried to launch in India. This lack of success led to Coinbase leaving the country shortly after. The CEO spoke about the pressure from the RBI as a main reason pointing to his company’s exit. Starting from 2018, the RBI has banned various banks from supporting or participating in transactions of cryptocurrency. The Supreme Court later overturned the RBI’s decision in 2020. Currently, according to the Crypto Policy Council of India, no plans are in place to pose a legal challenge to the RBI.