What is the RBI doing?
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.
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Hi @reverseacid, i got invited to see your post from my friend @crypto.piotr and i agree with him you are valuable writer.
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Thank you @intellihandling for the appreciation. Thanks to our mutual friend @crypto.piotr, we hope to keep the flow of good content coming.
Cheers.
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Dear @reverseacid; I was diredted here by @crypto.piotr. And he is bang on. Good article. Indian system moves slowly, I think it will be a few months- at least after the elections when we can see a clear stance from RBI- Mostly the RBI followers are aof the view of a conditional provision. Maybe 2 cryptocurrencies and the exchange be noted by banks for a specific "exchange tax".
The good part is Nobody can control or ban cryptos effectively. Sooner RBI reconciles with this concept, the better decisions it can make.
Liked Voted and Resteemed.
Dear @sarez
You seem to be quite aware of indian system. Are you perhaps from this part of the world?
Cheers
Piotr
Yep! You know the secret now
This secret will be safe with me :)
I promise @sarez :P
Yes, the Indian government does seem a bit resistant. But like you, I and all of us know that it is not really possible to "ban" cryptocurrencies, it's just sooner or later that monetary authorities will succumb to the masses. Thanks for the appreciation.
We also invite you to check other detailed posts put forward by us, to get a sense of our understanding of the space.
Cheers.
@reverseacid, You mean to say the RBI simply didn't care to even send a junior advocate to seek an adjournment? Isn't that contemptuous behavior or is it something that is routinely done in Indian courts by powerful government agencies to buy time and frustrate their opponents?
What happens if the RBI does this again for the next hearing? Do the courts grant another extension or do they enter judgment in default, granting the order to lift the ban as sought by the plaintiff?
Yes, @devann. The RBI has been putting off the arrangement for quite some time now. It’s their indirect way of telling they can’t be less interested in helping the mass adopt the innovation.
We are pretty sure that come the next hearing date, the RBI is just going to continue behaving the same way, putting off all attempts to legitimize the space, while they try to figure out what to do with it themselves.
Also, the Indian legal system is more power based, than book based. So the Supreme Court will have no other choice but to keep perpetually postponing the case until the RBI comes to their senses.
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Dear @reverseacid
I wonder what is RBI agenda and why are they so against crypto.
ps.
I'm also supporting @kryptarion so perhaps you could visit his profile as well and see if you would find his content interesting. He is also very responsive, supportive and passionate about blockchain and crypto :)
@crypto.piotr, the agenda is the same as any other monetary authority out there; trying to figure out what to do with something that is bound to undermine their power and influence. They know the transfer of power is inevitable, thus they are trying to slow it for as long as they can, while researching the best case scenario for the future.
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Thx for your comment @reverseacid
Would you mind helping me to support @kryptarion and his latest publication?
https://steemit.com/bitcoin/@kryptarion/how-blockchain-can-provide-solutions-for-the-corporations-a-case-of-lto-network
Yours
Piotr
Definitely @crypto.piotr. I believe we started checking them out as soon as you sent out the memo.
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The usual hostile reaction of the banking mafia to anything that offers an alternative to their own usurious, extortionate con game.
Very true what you say @redpoaaum. This type of behavior is not just confined to India, but across all types of governments and institutions.
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Oh, yes, absolutely! The bankers' mafia dominates the world, and its strongholds are London and New York.
It has been suggested that the real reason Jesus was crucified was for scourging the moneychangers from the temple, in that those moneychangers were part of the bankers' mafia of their day.
@crypto.piotr advise me to check out your account
And I found that article is helpful
So I decided to Upvote and Resteem this good article.
And now I'm Following you
Good Job 👍
Thank you for the support, @whatsontrend. Thanks to our mutual friend @crypto.piotr, we could now discover each other and hopefully continue the support.
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Hello dear @reverseacid, I am visiting this blog thanks to the suggestion of my good friend @crypto.piotr, which is carrying out a program of mutual support, promoting personal relationships within the platform.
In my opinion this hurts the technological growth of the country, but at the same time I think that the same accelerated growth of the Blockchain, will be able to break down many barriers that arise trying to stop the advancement of this technology, it will make its way while grow, become stronger and gain a reputation among entrepreneurs and investors.
Pr Euclides Villegas
Very true, @fucho80. The more you try to press on a fistful of sand, the faster it comes out of the gaps between your fingers. The community will grow with or without outside help, sooner or later.
Thanks for the support. And thanks to our mutual friend as well.
It's always disgusting when authorities feel they can do as they please because of the powers at their disposal. If they have a genuine reason for the ban, they should be able to defend it to any court or audience.
Otherwise it seems they have no valid response hence their absence or they just might be using the time to make their case.
In any case I feel a ban is a step too far. In Nigeria, the Central Bank only called for caution and isn't recognizing crypto officially but there's no ban in place on crypto or crypto related activities.
Thanks @crypto.piotr for the invite.
Agreed @naijauser. It’s a classic case of people in power trying to stop anything that even remotely threatens their authority.
The RBI knows that they cannot necessarily “ban” Cryptocurrencies per se, and so they are doing the next best thing, which is banning banks to do so. Thus stoping the transfer of fiat to crypto. That’s not to say that people are still finding loopholes and backdoors, but the mass adoption has been hugely hindered.
Thanks to @crypto.piotr again.
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Love your comment @reverseacid
Dear @naijauser
That's just the way it is in this world. I wonder how does it feel to have that much power ...
Hi friend @reverseacid. I am here thanks to the suggestion of our friend
Now after reading your publication, I realize that they do not have it easy in India.
Here in Venezuela we do not have that problem, we have a lot worse than that, and one of this is that we Venezuelans do not have easy access to other liquid currencies like euro or dollars
Happy to know that Venezuelans are able to find remorse at least in this area. Hoping to see the same atmosphere here as well. I think the liquid currencies part depends on the relationship of other countries with Venezuela. Hope that problem is solved soon there. Thanks for the support.
Thanks for this reccomended reading🤓 @crypto.piotr I think my friend @steemflow could be interested he's from India
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Uffff RBI is everywhere. These info is all over the places
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Hahaha, that is quite the case if you’re a crypto enthusiast in India @Steemflow.
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Thank you @jenina619. We were previously acquainted anyway, but thanks to @crypto.piotr our paths crossed again. Happy to see a fellow enthusiast appreciating and spreading the word. Thanks for the appreciation.
P.S. We love your art. Keep that flowing.