RBI has released it's annual report and this time around they seem to be weighing on cryptos quite seriously. You can read the full document here. Here's the gist of the document from a discussion on social media.
Some of the points from their report currently being debated:
- RBI finally recognises the emergence of private digital tokens as well as the fact that it has prompted central banks across the world to explore 'Fiat Digital Currencies'.
- RBI admits to setting up a committee to look into the possibility of introducing it's own digital currency. This shouldn't come as a surprise we've been hearing about this for a while now.
- It's annual report echoes it's recent mandate to ban banking services to exchanges citing 'consumer protection.'
- It says that, 'Cryptocurrency may not pose systemic risks, its popularity leading to price bubbles raises serious concerns for consumer and investor protection, and market integrity.'
- RBI also adds that there is no framework for recourse to customer disputes resolution as payments by crypto take place on a peer-to-peer basis without an authorised central agency which regulates such payments.
But it seems to be living under a rock if it thinks this because according to Crypto Lawyer Danish who runs CryptoKanoon, India's existing framework is applicable for disputes resulting from even P2P transactions. Because we have Contract Act, Consumer Protection Act, Information and Technology Act as well as the Indian Penal Code to protect consumers.
These are some of the main points. However, it's getting clearer now that RBI is clearly shooting itself in the foot trying to ban services to exchanges and preventing legit businesses from operating in this space.
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