India: RBI Isn't Always Right or Perhaps Is It?
In a year from now we may see legalisation of cryptocurrency in India. It might even happen sooner than that or never at all. We don't know conclusively just yet.
But we know that from an RTI, RBI largely due to it's ignorance on the subject and under pressure from the government has taken a protectionist step in banning access to banking to all cryptocurrency exchanges in the country.
This is not to say that RBI gets it wrong all the time nor that it's correct. RBI has had it's share of goof ups. In the past it has admitted to printing INR 30000 crore worth Rs. 1000 notes without silver thread security feature. Makes you wonder who pays for these costly mistakes?
For a long time now it has intended to curb use of cryptocurrencies and it's April 6th mandate was to end trading completely. Unfortunately for it, it's judgement was anything but sound.
Haste makes waste they say and RBI doesn't seem to see that it's decisions to curb will eventually force people to circumvent and do whatever it is they must to prevent subjugation.
It's well understood that planning monetary policies of a country is no joke but we've seen the effect of demonetisation which wasted plenty of tax payers money and did nothing to reduce bribery or corruption.
Instead of fighting corrupt behaviour within the system, which by the way hasn't reduced a single percentage in the last decade irrespective of the government in power, we are busy banning new avenues for employment, trade and commerce in the country.
As employable youth sit around bench-warming, RBI and the government continue their lip service of improving the policies of our nation.
RBI in its capacity has ruled against any regulated entity from providing service to crypto-exchanges. State Bank of Sikkim has a strict internal policy to not render services to crypto-exchanges even as it doesn't come under the purview of RBI.
But RBI seems to have forgotten that the whole point of the invention of Bitcoin was prevent corrupt forces of central banking. As soon as our people realise this and see the potential in investing in cryptos again, we shall rise out of FUD and reach new highs.
If you are aware of any other goof ups from RBI feel free to post it in the comments below.
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It will be legalised once they truly understand it and overpower it.
RBO ban made Bitcoin a black market now. Everybody is now buying and selling Bitcoin in cash for dealer all around India to prevent there money loss, save tax. What a stupid move. Bringing whole crypto to economy of such a big country like to black market by posing ban on btc and and other cryptocurrenies.
@changingworld literally the current situation and the behaviour of RBI against crypto currency definitely affects the image of crypto currency ...
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When people/ government think it's not the right way or suitable. Slowly they will implement it. They are slow because they need to think of the way to implement the system.
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@firepower Do you think P2P(peer-to-peer)method works?
Banning will not work at all. It cannot be controlled by Indian govt. as well Banning will lead to the black market. So I think there is a possibility of adopting. If the illegalize ten it would be their biggest mistake.
@firepower from other sources we get information that indian government plan to regulate Bitcoin and other altcoins they made a proper bill for this and made decisions pending to honeble supreme count of India. what you think?
Now people will start trading crypto(p2p) without paying tax and not coming under any govt agency radar. Black money will be used to stash crypto and move it across countries without the knowledge of govt.