When governments have the power to control monetary aspects of your life they control absolutely everything. Take example for India where the central bank has banned banking services to cryptocurrency exchanges from 6th July onwards and that means investors in India cannot buy or sell cryptocurrency through legal channels.
RBI's repeated circulars and uncertainties have caused some major price volatility in an already sliding market for Bitcoin in India. Cryptocurrency adoption rate in India prior to the bear market phase was excellent. It was going great until a couple of months ago RBI started clamping down on cryptocurrency.
Government has repeatedly warned citizens not to use these cryptocurrencies but there is no ban on trading or use of these cryptocurrencies in India. Although, they are not legal tender they can be freely traded.
However, this move from RBI has caused massive panic sells in the past affecting thousands of cryptocurrency users in India.
Today is one of those days when Bitcoin in India was trading 10%-15% lower than it's international prices owing to the impending ban on banking services to exchanges. One of the top exchanges in India Zebpay sent an email to its users notifying about the upcoming ban and markets tanked once again.
How is any investor supposed to gain confidence in the market or use these cryptocurrencies to empower themselves when banksters threaten the very attempt of people to use legal channels to empower themselves.
These RBI induced panic sells have caused a lot of damage to the cryptocurrency ecosystem that was growing at a steady pace in India. Due to lack of regulation in this sector it is nearly impossible to get justice on this matter.
There's already several cases in sub judice in the Supreme Court of India. All we can hope for at the moment is some relief in the form of banking services being restored back to cryptocurrency exchanges in India after 6th July.
But in all seriousness, in a perfect world RBI would've been sued for every penny's worth for losses caused to several investors due to its unilateral bans and arm twisting of banks.
RBI needs better policymakers and the government needs to open it's eyes to changes coming into the financial sector before its too late!
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