HC seeks SBI, RBI to reply to the plea to reverse the ban on the use of UPI for crypto exchange

On Thursday, the Delhi High Court asked for the reply of the State Bank of India and the Reserve Bank of India on a plea seeking to guide authorities to reverse the ban on the use of UPI platform in dealing and settling funds in the crypto exchange WazirX.

A bench of Justice Jyoti Singh and Chief Justice D.N. Patel issued notice to National Payments Corporation of India, SBI, the Department of Financial Services and RBI and sought them to reply to the petition.

The court registered the issue for further hearing on December 24.

The lawyers stated that the PIL involved the interest of almost one crore retail investors of the WazirX crypto exchange platform and asked authorities to take effective measures and reverse the decision of banning UPI payments in the cryptocurrency exchanges.

The plea mentioned that in April 2018, the Reserve Bank of India issued a notice banning all the banks to make a transaction in any virtual currency or offer services for facilitating any organization or individual in dealing with or settling them including Bitcoins.

The plea seeks directions to RBI to govern and regulate the crypto sector and thereby make provisions for the payment decisions and interfaces.

Author: Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

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