RBI has come back with a response with IAMAI's petition to the Supreme Court regarding the ban on banking services rendered to cryptocurrency exchanges in the country. It seems as though they are sticking to their stand on cryptos.
Pocketbits CEO Sohail Merchant tweeted:
IAMAI received the response from RBI as directed by SC, the response is generic with the same language as the public circulars. They have not even given deliberate thoughts to the points made by us, all the basis of their arguments is "Investor Protection."
The response at the time cannot be made public at the moment but from what I know of it so far it makes me think of a few things.
- What investor protection are they talking about?
- What investor protections do they have against the various on-going frauds in the banking system?
- What investor protection are they referring to when there are no regulations in place?
- They are unable to protect bank deposits, how will banning cryptos help investors?
- What security measures do they have to protect value of traditional investments?
The whole "investor protection" is a joke. It's not that RBI is giving a refund to anyone loosing money investing the stock market. There is no basis for this ban. RBI remains clueless on cryptocurrency as an RTI lodged earlier.
I have my fingers crossed for the 20th July hearing. Hoping justice will be served soon!
This is a developing story and you can expect me to come back with an update soon.
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