Recently on April 6th, Reserve Bank of India through its notice titled ‘Prohibition on dealing in virtual currencies’, mandated banks, e-wallets, and payment gateway providers to withdraw support for crypto-currency exchanges and other businesses dealing with virtual currencies (VCs) in India.
Banks, in turn, forced exchanges and traders to stop using their accounts for trading in VCs. This led Cryptocurrency community in India took part in and challenged the RBI’s decision. On Tuesday, the RBI got caught red-handed for misinformation and making decisions out of thin air!
The RBI’s Right to Information (RTI) query gives a chance to the Indian citizen to request for a response to a particular question or comment. The RBI cannot refuse such questions, and thanks to a Twitter user by the name @NischalShetty it showed that the RBI has no prestige left for their ignorant act.
The Tweet posted by @NischalShetty read –
Crypto ban by @RBI
1. No research
2. No internal committee
3. No insight of blockchain & crypto
They just banned cryptos without understanding! Please RT so that the people of our country know about this. Read RTI report here https://t.co/xvp6WVfIQl
— Nischal (WazirX) (@NischalShetty) June 12, 2018
The Twitter handle, @NischalShetty is the funder member of Wazirx Indian cryptocurrency exchange.
July 20th is the day when the case will be heard, and the misinformation from RBI puts it in a weak position to win against the cryptocurrency enthusiasts.
Yesterday The Economic Times shared this news on their twitter handle.
SOURCES | Govt panel not in favour of banning cryptocurrency. Govt panel may suggest allowing cryptocurrency with riders: Cogencis pic.twitter.com/osP6ziwGbO
— ET NOW (@ETNOWlive) June 13, 2018
From this above post, it is clear that panel formed by the government to look into crypto-currency does not seem to be in favor of banning it. Instead, it may suggest allowing crypto-currency with riders.
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