RBI's recent request to all financial institutions to stay away from encryption currencies goes against the spirit of the Indian constitution and neither the @RBI nor the supreme court has the right to approve such an order. It is not mentioned in the constitution that human beings who accept the Indian constitution, that is to say "Indians", are obliged to carry out all their transactions through the banking system decided by RBI. The @Indians carried out transactions for their daily needs even before the banking system and the rupee existed.
The argument that the @Cryptocurrency framework does not have a centralized control mechanism and could be used for illegal activities is like saying that we will ban email because it is being used by terrorists. Prohibit terrorists, not the system.
There is a rumor that a large multinational commercial entity is planning to enter the cryptographic currency market and RBI is preparing. work to disinfect the area before the grand entrance. If that is true, we can be sure that India is no longer governed by the constitution but by the commercial interests of a few individuals and needs an immediate correction of the course.
Citizens will choose the way they want to transact and no one who accepts the Indian constitution has the right to enact laws and force people to enter the banking system. RBI does not know how to control the illegal activities of banks, but wants to control a fair system that is based on transactions between peers due to their insecurity of becoming redundant.
These incompetent institutions that can not guarantee the hard earned and paid money of Indian citizens are trying to destroy an independent system under the pretext that it is used for illegal activities. It's like closing everything and sitting inside our houses to avoid theft. Such a silly act.
I am increasingly sure of the conspiracy theory that the 1% elites control India and the world and enslave the rest of the 99% of society. These 1% elites should be in any profession, caste, religion, region that protect each other and dictate how the rest should live. They are anxious to control the freedom that remains in the world and they are even deciding how much freedom one should have.
RBI / Supreme Court should reconsider its illegal prohibition of cryptographic currencies and understand their limitations. We have not canceled our lives before these institutions, it's just that we form a group known as @India and agree to pay taxes for the services provided by these institutions. These institutions exist because we accept to obey them, they must remember this basic fact and must focus on their main duty to serve the Indians.