In July 2018, the Reserve Bank of India issued a directive for all bank to close accounts relating to the use and buying/selling of cryptocurrencies. Cryptocurrencies have also been banned as a medium of exchange. Due to the negative reception, Indian investors have been wary of being touched by crypto fearing legal action from the RBI.
Several attempts have been made by enthusiasts to uplift the ban and stimulate smooth flow of trading and investing in the space, but all have been in vain. After a case filed in the Supreme Court, an order was issued to the RBI to submit a detailed report concerning the directive and specify legitimate reason for the negative outlook.
But the RBI hasn’t been responsive at all, cementing their stance as the monetary authority. Even though a hearing was scheduled last week and required authorities to be present to evaluate their stance, none of the RBI authorities or representative advocates showed up, forcing the court to push the hearing even further. A new hearing date has been scheduled and the case has been pushed “to the top of the list”, but confidence on the RBI has drastically dipped.
The negative attitude of the apex monetary authority is highly condemned as it continues to remain in the shadows. This hugely hinders the growth of blockchain and cryptocurrency related innovation and might end up harming the country reputation as a stimulant for technological innovation.
Let us know your thoughts concerning India’s actions with regards to the space.
Image source: Livemint
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