Today could be the last day of India’s Cryptocurrency exchanges, as the Supreme Court will soon declare its verdict. On 12th September, the ongoing fight between RBI and Digital Currency Exchanges will come to an end.

In April, Reserve Bank of India has ordered all banks and financial organisations to end their partnership with all crypto exchanges and traders within three months. Follow that, several exchanges in India notice a massive downfall of crypto volumes and trading activities. Uncoin, valued at 200,000 during the time, fall to 20000 by July.

To add worries to the woes, the Securities and Exchange Board of India (SEBI) also joined the RBI to fight against the already struggling Crypto exchanges. Comparing Cryptocurrencies with Ponzi schemes, the RBI said that digital currencies do not carry any intrinsic value. To solidify its stance against Cryptocurrencies, RBI also pairs them with money laundering, tax evasion and fuel for terrorism as well.

To challenge RBI, crypto exchanges have also use constitutional grounds. Article 19(1)(g) allows all Indian citizen to deal with any occupation, trade and business. Article 14 provides equal protection under the law for everyone while prohibition any discrimination.

According to Exchanges, they carry out all their KYC and AML procedures adhering to the law. The Exchanges also express their views on Illegal activities. They stated that fraud and money laundering is not limited to Cryptocurrency exchanges only. As the market will get mature, the intrinsic value of the currencies will also increase, argued the Exchanges.