The indian central bank has not banned crypto-currencies

The indian central bank is very concerned about the power of crypto-currencies and their use by the inhabitants. However, it is important to know that the financial authority does not have the power currently to ban crypto-assets on the territory.

A decision-making complicated

For several days, sites british announced that india’s central bank will ban in a few days the use of crypto-currencies to be able to offer its own digital currency with a national one. But it seems that this information is not quite true. In effect, the central bank of India fears the competition of other digital currencies and would like to simply eliminate them. But, in reality, it is far from being so simple.

Pixabay – Stux / The indian central bank wants to divert the attention of indian investors so that they focus on the future of digital currency national.

A press release was issued on 5 April by the RBI, that is to say, the reserve bank of India, stating inter alia : “The entities regulated by the RBI should not treat or provide services to individuals or businesses, based on the crypto-currencies, or to make payments with these assets. The regulated entities that already provide such services should put an end to this collaboration in a given time period. “

A complicated situation

This news caused a panic on the exchange platforms, the people of India have decided to sell some of their Bitcoins. Moreover, this was without doubt the goal ! But the central bank does not have the power to ban crypto-currencies. Only a law enacted by the government or by the judicial authorities would have that power. And this is not at all relevant !

Pixabay – Geralt / The statement of the indian central bank has investors worried.

The indian central bank therefore wishes only to scare investors so that they are turning away from digital currencies and a strong interest in the virtual currency national, which should soon be created. Because the RBI is a body of banking regulation, and not an organ of power that has the ability to edit laws.

The situation is therefore very complicated in India, the investors are quite logically lost in the middle of this kerfuffle. But, for now, you should know that no bank in india has halted its partnerships with exchange platforms. So, to this day, we can say NOT, crypto-currencies are not forbidden in India.

Source : Bitsonline