Crypto bashing in India from RBI

Recently the central authority from India (Reserve Bank of India) which regulates all the banks, announced that all the entities regulated by them ( which basically means all the financial institutions ranging from Public sector to private sector banks and NBFCs) should stop dealing with any entity or individual who deals in crypto currency. They have given a time line of 3 months to wrap up everything.

To top it of they have also announced that they believe in the technology and would be launching their own crypto soon, which would be regulated by them.

This is like saying hey cryptos are bad but what if we launch our own thing and then force all the people holding other coins to convert their coins to ours at throw away prices.

Regulating a crypto kills the basic idea of decentralization. This move basically depicts how strongly people have started believing in this technology and how much the authorities are afraid of this situation.