Reserve Bank of India banned crypto currencies without any reason

Reserve Bank of India explained the reasons for the April ban cryptocurrency in the country. To be more precise, no reason was not. The Bank has rendered its decision without prior research of the crypts. It is reported by CCN.

The prohibition of cryptocurrency was a misunderstanding

Lawyer Varun Networks have addressed the main financial institution of the state with a list of formal requests. Among them, he also raised the question of clarifying the possible prerequisites for issued in April of the decision. We will remind, in the spring of Reserve Bank of India banned any financial institution to provide services related to coins.

Representatives of the Bank clarified that the decision was not considered in detail. In particular, research on cryptocurrencies or the possible consequences for the financial system was not carried out. Reserve Bank of India had not even attempted to make a sharp decision on the international discussion.

The financial institution is not required to respond to a formal request, so subsequent questions Varuna Network rejected. The Bank also did not go into the details of his warnings about the dangers of cryptocurrencies, which ruled in 2013.

Policy of the Central Bank of India has caused outrage among entrepreneurs, whose business related to cryptocurrency. They are massively a petition about cancellation of the April decision and called the Bank’s actions “unfair and unconstitutional”.

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