Central Bank of India did no research before enforcing Crypto.
Enforcing Crypto :
India seemed always uncomfort with digital currencies. However, they know very well that they will not able to regulate it. It is still question that India will ever accept digital currency after that baits in Bitcoin. Bitcoin corrupt has moved the central bank of India, still it is confused with the cyber crimes which happened in India.
Central Bank of India :
The Central Bank of India directed lenders to close the bank accounts of cryptocurrency exchanges. It seems that without any research it strangled the neck of digital currency. Even we people couldn’t find any reasons why it enforced to close down any moves and strategy regarding digital currency.
However, The all answers are then given by RBI to Right To Information(RTI) application opened by one of the lawyer from New Delhi. The lawyer filed the RTI in first week of April and he was replied in May 9. Though he revealed it the contents in early June.
Moreover, the contents explained by lawyer that RBI accepted that representatives have been the part of financial led committee which has come up on stage with regulations on digital currency. However, Governments hasn’t banned Crypptocurrency yet. The point is, it is also not in favour of Digital currency.
Therefore, The lawyer will again file RTI for more answers from RBI. If he will unanswerable then he will file in Supreme Court for the same. He narrated ,
“I can explain to the court that my public interest litigation is a last resort and despite several attempts the RBI failed to provide any satisfactory answers,”
There are approximately Three million users of digital currency in India. RBI should look over the issue and try to open up talking about this topic. Thus, users will not suffer at the ends. The director of Kali digital ecosystem added this,
“Therefore, the central bank needs to be more thoughtful,”