RBI Responds To IAMAI Petition in Supreme Court
RBI has come back with a response with IAMAI's petition to the Supreme Court regarding the ban on banking services rendered to cryptocurrency exchanges in the country. It seems as though they are sticking to their stand on cryptos.
Pocketbits CEO Sohail Merchant tweeted:
IAMAI received the response from RBI as directed by SC, the response is generic with the same language as the public circulars. They have not even given deliberate thoughts to the points made by us, all the basis of their arguments is "Investor Protection."
The response at the time cannot be made public at the moment but from what I know of it so far it makes me think of a few things.
- What investor protection are they talking about?
- What investor protections do they have against the various on-going frauds in the banking system?
- What investor protection are they referring to when there are no regulations in place?
- They are unable to protect bank deposits, how will banning cryptos help investors?
- What security measures do they have to protect value of traditional investments?
The whole "investor protection" is a joke. It's not that RBI is giving a refund to anyone loosing money investing the stock market. There is no basis for this ban. RBI remains clueless on cryptocurrency as an RTI lodged earlier.
I have my fingers crossed for the 20th July hearing. Hoping justice will be served soon!
This is a developing story and you can expect me to come back with an update soon.
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Yes! I agree, they never given any protection to the investors, its a joke. Waiting for the good news soon.
I am too waiting for the good news on 20th july hearing ,and ofcours for your valuable updates.Untill then steem on dear,wish you good time aheade.
RBI will all be responsible all the brain drain occurs due to this ban. It seems totally humourous that we are living in 21st century where we are planning to space travel, making hyper loops and Sophia the first humanoid robot of the world and India is still busy in deciding whether to allow cryptocurrencies here or not. It seems totally ridiculous. RBI should be shameful of it. Even it has not done any proper research before the ban.
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ok, 20th July.
Investor Protection is another way of saying, "Since you are stupid, let us handle it for you."
It is not only an unclear way of making a response but also highly disrespectful to the citizens of the country. Citizens, who theoretically are the most powerful group in the democracy.
I also loved the tone of Sohail Merchant's tweet. You can tell that he is fed up and its showing in his words. It is not too far off to assume that same is the condition of guys from other exchanges. They are hitting back verbally and this means that Indian crypto market is getting sharper teeth and it looks like that the crypto markets are maturing. That is a good sign.
There's no "investor protection" in this picture... what there is is fear of not having 100% control of the money supply.
Especially since this is India, where the past couple of years have been all about the government trying to control money. The idea of potential competition for a means of exchange... through cryptocurrencies... is probably perceived as a major threat to them.
But it will be interesting to see how this all plays out. We've got the world's two most populous countries — India and China — putting these issues to the test at the moment.
this post has been very helpful
20th July