RBI’s Indecisiveness Makes Crypto Community Unstable

Aug 8, 2018 at 11:30 Update Date :Aug 8, 2018 at 11:30 UTC

It has been quite a while now, and the Reserve Bank Of India is unable to pass a judgement yet. This leaves the crypto-traders and investors exasperated.

In the month of April, just this year, it was well informed about the RBI circular release. The people associated with the crypto industry were familiarised with the contents of the circular, at the time of its release. It, however, was dedicated towards instructing the banks to put a stop to any of the services provided by them to foreign crypto exchange platforms. They were provided with a time period of around three months to finish up with all the operations undertaken.

This led the crypto community to revolt against the RBI, as neither the investors nor the exchanges were in favour of the decision. They demanded a stay on the order, for some time or preferably, its cancellation altogether. Although, no such decision has been successfully acted upon yet.

Additionally, there was a rumour, in the beginning, this year, which was later confirmed by the government itself. It unveiled that a government panel has been constituted which would look into the functioning of digital currencies and thereby file a draft, accordingly, issuing regulations in this regard. This was planned for the month of July. However, as of now, there is ‘no mention’ of any such draft.

As per the claims, there have been a number of crypto investors who have filed Right to Information (RTI) applications trying their hands at seeking clear and first-hand information in this matter. The crypto community, as a whole became restless and wanted to know the exact details about the panel constituted and the current status of the draft-to-be-issued.

Citing a statement released by Bitcoin India, a leading telegram group:

“An inter-departmental group was constituted by the Reserve Bank of India in April to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency within the country. Progress is being made on it and now it is engaged in talks with RBI, SEBI and other stakeholders and final guidelines will be released by the first week of September.”

The announcement brings along a wave of relaxation amongst the crypto community members. The Supreme Court of India had finally made an announcement regarding the RBI vs. Crypto Exchange case hearing. The official date as per the release is September 11.

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