In what will come as bad news, Indian cryptocurrency exchange, CoinRecoil will be bowing out of the petition it had filed on behalf of Indian exchanges against the Reserve Bank of India (RBI) in the crypto matter.In a recent order which ordered the RBI to provide a satisfactory answer to Internet and Mobile Association of India (IAMAI) and the cryptocurrency exchange, CoinRecoil asked if it could withdraw its petition. The order said, “Learned counsel appearing for the petitioner seeks permission to withdraw the Transfer Petitions. Permission granted. The Transfer Petitions are allowed to be withdrawn.”A news portal caught up with CoinRecoil and asked them the reason behind their action. Kunal Barchha, the founder of CoinRecoil told the publication, “Yes, we submitted an application to withdraw petition last week, We withdrew our writ petition from the court because as a startup we had limited funds. We had two options left – keep legal battle and spend all money or save money what is left. We decided to go with the second option and let the court do the justice.”When we asked Barchha, about what happens now he said, “We won’t be part of the petition anymore. Existing petitioner will stay as it is.” When we quizzed him about the court appointing advocates, in case the petitioner is unable to afford one, he stated that he was not aware of the procedure and hoped that the IAMAI and other petitioners would keep up the fight.To be brutally honest, this is a tad bit depressing. However, if it hadn’t been for CoinRecoil, the petition would not have even gathered steam the way it did, for the past month and a half. It is important to remember the sacrifices that we have made (individually and collectively) to keep this battle going.For those who entered the narrative a little late: Kali Digital Eco-System, an Ahmedabad based company which was going to launch cryptocurrency exchange CoinRecoil, had filed a writ petition against RBI’s April 2018 directive in Delhi High Court. The petition said that RBI’s order asking Indian banks to suspend their dealings with crypto exchanges was “unconstitutional” as it violates two important articles of Indian constitution: Article 19 (1) (g), which allows the citizens to carry out any occupation, trade or business; And Article 14, which prohibits discrimination between equals.Liked what you read? Join us on Telegram
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