Reserve Bank of India’s Ban on Crypto Trading Did Not Sit Well with Investors
India’s central bank’s decision to ban all banks and entities that come under its authority did not go well with the country’s crypto traders/investors.
Many expressed their anger at the Reserve Bank of India on social media platform under the hashtag #RBICantStopMe.
One investor notes:
Campaign against the preposterous decision by RBI to ban the banks from catering to Crypto service providers like exchanges.
It will only promote incorrect means of crypto acquisition.#RBICantStopMeShare the hashtag to tell RBI we want to buy crypto legally from exchanges.
— Naimish Sanghvi (@ThatNaimish) April 5, 2018
CryptoBuzz India tweeted:
Appeal to all indian crypto lovers
INDIA HASN’T BANNED CRYPTOCURRENCY#RBICantStopMe #rbipolicy #bitcoins #cryptocurrency #isupportcrypto pic.twitter.com/KQGmgn70QD
— Crypto Buzz India (@CryptoBuzzIndia) April 5, 2018
The RBI has not responded to any of these angry tweets. Interestingly, in addition to banning cryptocurrency trading, the central bank said that it was looking into a unified central digital currency. B.P. Kanungo, deputy governor of Monetary Policy Committee(MPC) of the RBI, told Times of India, yesterday:
While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency.
That report will be ready by the end of June 2018.
Read more at Times of India and Economic Times.
