The Reserve Bank of India is sticking to its stance about wanting to get rid of cryptocurrencies. Because let's face it it is threatened and it's statement to the apex court of India informs us the same.
It said to the court officially that use of cryptocurrencies are likely to encourage illegal transactions in the country
ET reported the statement given by RBI to the Supreme Court of India:
Crypto currencies are "a stateless digital currency" in which encryption techniques are used for trading and these 'currencies' operate independently of a central bank like the RBI, "rendering it immune from government interference".
A bench headed by Chief Justice Dipak Misra was informed by senior advocate Shyam Divan, appearing for the RBI, that a committee has been set up by the Centre to deal with the issues relating to crypto currencies and the matters required a final and early decision from the top court.
The bench has granted 4 weeks for Center (Government of India) and RBI to draft their final responses to the petitions requesting removal of the ban on banking services.
However there have been other petitions requesting the centre to take stringent measures to curb use of cryptocurrencies in the country. The apex court of India had clubbed all pending cases against the RBI in this matter to the 20th of July and now September 11th seems to be the D-Day.
However, it's likely that the matter might get pushed forward if the court feels the need to do so.
But it's very clear that RBI is completely threatened by the existence and use of cryptocurrencies as it undermines its powers and that of the government to control the people.
Even as it makes statements such as Crypto currencies are "a stateless digital currency" and these 'crypto currencies' operate independently of a central bank like the RBI it forgets that this was the very intention of the creators of such technologies. It was to prevent unnecessary control and subjugation of citizens under any government in the world.
This might become a long drawn out fight especially if the court rules in favour of the government, which may be the likely outcome.
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