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Very recently it has been found that in response to a Right to Information act the Reserve Bank of India has come to the forefront saying that cryptocurrency is no longer a part of the ban in India. There is no more prohibition or restriction on cryptocurrencies in India. The RBI has announced no prohibition on cryptocurrency and has allowed the banks to provide them some clarity about it. The banks have been asked to provide a cryptocurrency account to the new users as in some bank account to keep their bitcoins safe in the vault.
But surprisingly without allowing to open an account here in the bank, most of the banks are denying it. Hence the question lies that if the RBI has allowed the use of the cryptocurrency and if the banks have been asked to help people to trade cryptocurrency then why the banks are treating cryptocurrencies like stepsisters. If you are interested in bitcoin trading, then you can invest through bitcoin billionaire
Some Pointers About the Judgement
Now the judgment has been taken but what makes the difference and what has been the changes would be worth watching. The judgment given by the Reserve Bank of India was really appreciated and celebrated almost across the world. But this could not make the banks a little more accepting of the bitcoins. Several reports have come out posting that all the banks are refusing to help regarding the bitcoins.
Let us now check what was the judgment that is not being followed,
- The banks were asked to help in freezing or closing any bank account if required, it would help in a peer to peer sales and the crypto purchase.
- They have been asked to reject any international credit and debit card which might be used for purchasing cryptocurrency.
- If any international transaction found in the form of cryptocurrency then that must be blocked instantly.
But the Indian banks denied all of the above-mentioned services and they have asked the government which means the RBI to be clearer about it and bring more clarity for this. But this is sadly not the scenarios for all the banks, some banks are allowing the crypto trading, some banks have been very enthusiastic about this new technology. Even they are not in the correct light of reality and they believe that the RBI already knows about it but it cannot be helped right now. The RBI is kind of refraining itself from any kind of itself from clarifying anything to anyone.
What All Opportunity Do We Have Right Now?
Standing where we are, we see a lot of confusion still and there is no answer regarding it, firstly the clarity from the Supreme Court regarding the ban of the cryptocurrency is still pending. The government seems to stick to its decision which is introducing the Crypto Banning Bill in Parliament, which brings in 10 years of imprisonment in India.
There have been several hearings and many more are yet to come and the government makes sure that it puts forward a proper healthy reason to prove the reasons for an unsuccessful framework to support the bitcoins or the cryptos in India. The verdict of the Supreme court has led the RBI to intervene bitcoin the cryptocurrency and the Supreme Court actively.
The Court has also found out that the RBI has the discretionary power to regulate and to control the bitcoins in the market. There has been a lot of thrill among the people of India about the new cryptocurrency being legalized but it has not been framed well, there is a major lack of a framework in the factor.
