Despite discussion of India directing the technology revolution and also the ‘Digital India’ effort, and the current government remains reluctant about embracing cryptospace. Consequentially, many crypto-businesses have tasted the dust or found refuge in crypto-friendly nations including Australia.
While there were efforts on the internet to strengthen India’s hands from the cryptocurrency revolution, “Team blockchain attorney ” registered a Right to Information (RTI) application concerning the proposal to prohibit cryptocurrencies on May 7, 2019. The program was based on an area news article that asserted the government was contemplating a ban on cryptocurrencies. A similar program was previously filed by Coin Crunch. But that didn’t get any reaction.
Reserve Bank of India (RBI) has supplied a written reply to the current RTI program, an upgrade that has been verbally shared on Team Blockchain’s YouTube channel. Shocking the Whole Indian crypto community, the sponsor read RBI’s reply as,
“They (Reserve Bank of India) haven’t received any communication from any division nor have they given any communication to some government department pertaining to drafting of the bill. ”
While RBI explained its non-involvement in drafting crypto-related debts, the company ’s website was sending out preventative alarms toward crypto-assets for Indian traders. A number of the other divisions within the Indian authorities for example Department of Economic Affairs (DEA) and the Central Board of Direct Taxation (CBTD) had previously endorsed the notion of #8220;entirely destroys the sale buy and issuance of all sorts of cryptocurrencies. ”
Regardless of the RBI denying any participation in drafting India’s crypto-bill, controversies across the crypto-ban are beginning to stir. After the information, WazirX CEO Nischal Shetty tweeted,
“RBI states it does not have any knowledge of such a invoice about crypto ban. Is the invoice real or has there been bogus news being dispersed? “