Big allegations against RBI in Bitcoin Currency Matter, Banned without any research

In a petition filed by a startup consultant, the RBI said that he does not have any internal committee regarding virtual currency.

The Reserve Bank of India (RBI) is now making a serious charge of banning the Bitcoin currency. It is alleged that the RBI had banned without any research to deal with the transactions by banks and other regulated agencies in Bitcoin. This disclosure has come in a question asked by RBI through the Right to Information (RTI). In a petition filed by a startup consultant, the RBI said that he does not have any internal committee regarding virtual currency. On April 9, Varun Sethi of Startup Consultant had filed a petition under the RTI for information about this.

Cancelation imposed without any consultation

However, the central bank has informed that he is associated with 2 separate committees. The finance ministry formed these two committees to monitor all types of virtual currency. Blackchain's founder and lawyer Sethi has told that the Reserve Bank has clearly stated that it did not do any research or consultation to crack the virtual currency in April. For this, no committee was formed to investigate the concept.

Petition filed in Supreme Court on the issue of virtual currency

It is worth noting that on April 15 this year, the Reserve Bank issued a notice about a virtual currency. Under this notice, all types of e-wallet and payment gateways were banned from dealing in virtual currency. After the RBI's notice, all business dealings dealing in virtual currency exchange in the country were broken. After this, the banks also banned trading on such exchanges and traders in virtual currency. Such exchanges have also filed a petition in the Supreme Court against the Reserve Bank. Which is going to be heard on 20th July. The petition filed in the Supreme Court said that the RBI has not spoken to any stakeholders for banning virtual currency.