India: According To RTI-Reserve Bank Of India Is Totally Clueless On Cryptocurrency!
According to an RTI (Right To Information) filed against RBI has proved today that the central bank of India has unilaterally banned banking services to cryptocurrency exchanges in India in a bid to thwart the growth of this market.
Twitter user @Blockchainlaw91 shared a copy of the RTI filed today. It's almost shocking to see the responses to the queries and it's a must read to understand how some of our monetary policies are (poorly) conceived.
As per some of the points in the document it is clear that the RBI has done no real research that necessitates an outright ban. There was no internal committee formed with a panel of experts leading charge of the research needed to understand these cryptocurrencies and blockchain technology.
RBI has no insight on the entities under their regulation. This implies they have no complete data on how many banks or payment systems are regulated by them. They don't have any insight on entities regulated by them providing services to cryptocurrency oriented businesses.
They certainly don't seem to have any knowledge of blockchain or cryptocurrencies at all but they have the power to ban services to exchanges and levy penalties on banks if they don't adhere to the mandate set by RBI.
By the 6th of July all Indian cryptocurrency exchanges will stop deposits and withdrawals and only crypto-to-crypto trading will be allowed on all these platforms.
If you are an Indian citizen invested in blockchain technology and cryptocurrencies you should be angry at the incompetence of the people in-charge of our monetary policies. Please take your time to read the document!
Right to Information (RTI) is an Act of the Parliament of India to provide for setting out the practical regime of the right to information for citizens and replaces the erstwhile Freedom of information Act, 2002. Under the provisions of the Act, any citizen of India may request information from a "public authority" (a body of Government or "instrumentality of State") which is required to reply expeditiously or within thirty days. The Act also requires every public authority to computerise their records for wide dissemination and to proactively certain categories of information so that the citizens need minimum recourse to request for information formally. - Wikipedia
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It looks like some 3rd grade PA has replied to those queries filed in this RTI who has no knowledge on the subject whatsoever. They think that this is some kind of joke and no one will raise voice against their decision! The market is already going down everyday and 6th July is going to add onto the fire. This makes me very angry.
@firepower.
My man crush monday forever!
A lot of countries are clueless about crypto and blockchain and that clueless is prompting them to make poor decisions, they should learn from Korea or Japan for example
I hope there will be some other ways pop up with which we can buy crypto after 6th july. Right now i am investing as much as i can in this month only.
I wonder if they can be criminally prosecuted
Sir it's a very funny situation for a regulatory body which is very crucial for our financial system, making it's a joke of the day.
They didn't enquires the pros and cons of the vc usage and spread FUD and creates panic for every single person associated with cryptocurrencies space.
Now they come with a foolish like comment proving themselves a bunch of fools.
Feeling themselves that if we ban this opportunity maybe we lose the phenomenon of taxes, and so many opportunities as well.
@firepower resteemed as I have followers that need to be aware of this; as we all do.
maburro que es maburro y sabe de cryptos jeeeee esto es una gran ayuda para muchos paises
Yeah all of this crypto stuff is still really new to us
Sometimes i think monetary polices and regulations are for the general growth and developement of the value sustainability of a countrys currency.Velocity of money matters alot,to avoid inflations and deflations.
Incorporating crytocurrencies require more awareness. Goverment needs to ascertain loopholes, in the economy.
That is why i think they need more education about cryptocoins,to bring equillibrum with the physical cash that is ubiquitos.. In international exchange.
I dream of a world where international trade payments are made with cryptocurrencies.
We just have to be patient.
Monetary policies especially in third world countries keep poor people poor. I don't think we should be patient, I think we need to take action. Cryptos offer a potential to create a more abundant society but the comfort of the rich lies in abundant supply of poor, as governments are always in rich people's pocket we should be careful to have such blind faith in them.