Dear RBI Listen Up!
Truth me told, situations as the one I wrote about earlier today where Kotak Mahindra Bank closed an account of their customer as he had deposits and withdrawals to cryptocurrency exchanges in India tells me how scared they are of the supreme leader aka Reserve Bank of India.
RBI itself is upset over the growth of decentralised "crypto-assets" as it calls cryptocurrencies. Mainstream adoption of decentralised digital currencies and payment systems are indeed a threat to central banking infrastructure if the adoption rate increases to millions of users.
RBI recently decided to shut doors to exchanges but has largely failed in doing just that. Most if not all of the top exchanges are likely to use other mechanisms to keep the market alive and there's nothing the central bank can do to stop this from happening.
Remember, cryptocurrencies that you HODL, are yours and there's nothing the government can do about it.
But since we're also fans of the Steem blockchain:
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- United Bikers of Mangalore Donates To Orphanage On World Motorcycle Day!
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #32
hey that's funny and awesome also good info provided i think it is a good way to post a blog funny as well as interesting so thanks for sharing,keep posting and keep supporting.
Thanks for stopping by. :)
It's a little funny and sad to see the little banks scamper around to please the 'big daddy'. Funny that on the day this bank decides to shut services for crypto based entities, the prices pump.
I personally know Indians living here in Europe using their European bank accounts to buy crypto for their relatives. This thing is unstoppable and sooner or later banks too will have to get on with the program.
True that. When so much hard earned money is involved of so many people, things can get a bit stressful. :) It's good to sit back and have some fun once in a while.
Regards to the pump it's bang on time for sure. :D Hoping it's not another weekly minipump of sorts. We'll see.
I feel the pressure too, because I made a small investment for my friends from Nepal and India (nothing big but still.............)
Glad to have some angels of humor in our corner for sure :-)
Same here man. I have a lot invested, not only in terms of $ but plenty of sweat equity; time and energy as well in this space.
@firepower i have also invested a lot but we have to fight against rbi together and need patience as well to avoid panic selling to make Bitcoin legal in India
We need to stay together and fight against this, this battle may go on for long, but eventually we will win.
Nobody has the right to decide for me, not even RBI or the Government of India.
Are you indian?
100%
Where are you from in india?
Mangalore, Coastal Karnataka. :)
Good. Can u help me bro.
Naa man, you international!!! :P :P
It is one of those things where there is always resistance against technology. Like the horse and the car.
Yes! :D People once felt computers were pure evil! :D
Classic story, whenever anyone has something of value, someone will want to take it away.