New Delhi, Apr 23 (KNN) In a latest development, the Delhi High Court has asked the Centre, Reserve Bank and GST council for their response over a plea challenging the notification prohibiting banks and financial institutions from dealing in crypto-currencies.

The Delhi HC bench comprising of Justice Ravindra Bhat and A K Chawla issued the notice to finance ministry, RBI and GST council and urged them to file their reply by May 24.

Earlier, Kali Digital Ecosystems Pvt Ltd filed a plea with the court challenging the ban order.

The firm claimed that it was set to get into the virtual currency business when the April 6 circular issues by the RBI prohibited it.

Under the RBI circular, entities regulated by the RBI have been prohibited from "providing any service in relation to virtual currencies, including those of transfer or receipt of money in accounts relating to purchase or sale of virtual currencies",

A crypto currency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. (KNN/DA)