Reserve Bank of India Admits Issuing Crypto Ban Without Research

[Guvn0r]

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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[ankurguta87]

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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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]

~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)

[Vineeta2oct]

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]

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.

[botany]

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).