They have been after bitcoins for long and wanted to eliminate it from the market. This statement from RBI has definitely affected the market and also to lots of people who have invested in virtual currency.
Not to mention all these banks have been involved in fraudulent activities that have been exposed from time to time but unfortunately instead of focussing on their own faults they are deriving pleasure by declaring bitcoin as illegal.
Bitcoin is not illegal & they can't deny the comfort and hassle free transactions it has given to the world. If used properly and with the right blockchain protocol, this technology is a blessing to the market and consumers.
Recent emergence of virtual currency has given silver lining to huge problems that exist in today's banking system.We hope they understand the utility and advantages of using a cryptocurrency/ virtual currency and make suitable protocols for them so that people could benefit from it without any problems.
