Reserve Bank of India Admits Issuing Crypto Ban Without Research

botany

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Quote from: Guvn0r on June 13, 2018, 03:01:47 AM

RBI, the central bank of India, has not made a proper effort to thoroughly research the nature and usage of cryptocurrencies before issuing its crypto ban. This is according to a reply sent by the bank to a Right to Information query filed by a lawyer. Copies of the communication have been distributed on social media and published by local crypto outlets.

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This really doesn't matter. When the Central Bank takes a stand, it is highly unlikely that anything can be done about it.
I don't see the courts jumping up and reversing a decision taken by RBI (who are perceived as experts).

Guvn0r

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Quote from: Vineeta2oct on June 24, 2018, 07:36:34 AM

Quote from: Guvn0r on June 13, 2018, 03:38:03 AM

Not really true, RBI formed a "blockchain committee" to study the technology and how it can be applied.

Blockchain technology and Crytocurrency are two different things. RBI wants to study and apply blockchain technology in future but that has nothing to do with crytocurrency. RBI issued the order of pulling banking support from exchanges on the orders of finance ministry.

This will definitely give satoshi few sleepless nights. lol

here are some words of wisdom for you: It is better to keep quiet if you don't know something or if you think you know something but isn't quite sure, or else you make a spectacular fool out of yourself.

Vineeta2oct

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Quote from: Guvn0r on June 13, 2018, 03:38:03 AM

Not really true, RBI formed a "blockchain committee" to study the technology and how it can be applied.

Blockchain technology and Crytocurrency are two different things. RBI wants to study and apply blockchain technology in future but that has nothing to do with crytocurrency. RBI issued the order of pulling banking support from exchanges on the orders of finance ministry.

Guvn0r

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Quote from: ankurguta87 on June 13, 2018, 03:16:14 AM

Quote from: Guvn0r on June 13, 2018, 03:01:47 AM

~snip~

Indian companies inquire all the time in my blockchain domains,they are great programmers and would be a valuable asset to blockchain technology,
the government of India seems to be going backwards when it comes to this nascent technology.

Nothing wrong on part of RBI directly banning Cryptocurrency before Research. They don''t have resources to understand this Technology called blockchain as well as crypto.

Not really true, RBI formed a "blockchain committee" to study the technology and how it can be applied.

News about blockchain committee published on The Hindu (Jun 25 2016)

ankurguta87

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Quote from: Guvn0r on June 13, 2018, 03:01:47 AM

RBI, the central bank of India, has not made a proper effort to thoroughly research the nature and usage of cryptocurrencies before issuing its crypto ban. This is according to a reply sent by the bank to a Right to Information query filed by a lawyer. Copies of the communication have been distributed on social media and published by local crypto outlets.

Read Artcile

Indian companies inquire all the time in my blockchain domains,they are great programmers and would be a valuable asset to blockchain technology,
the government of India seems to be going backwards when it comes to this nascent technology.

Nothing wrong on part of RBI directly banning Cryptocurrency before Research. They don''t have resources to understand this Technology called blockchain as well as crypto.

Guvn0r

sr. member

Activity: 647

Merit: 274

RBI, the central bank of India, has not made a proper effort to thoroughly research the nature and usage of cryptocurrencies before issuing its crypto ban. This is according to a reply sent by the bank to a Right to Information query filed by a lawyer. Copies of the communication have been distributed on social media and published by local crypto outlets.

Read Artcile

Topic: Reserve Bank of India Admits Issuing Crypto Ban Without Research (Read 120 times)