India’s RBI Admits to No Research or Expert Insight Before Crypto Ban Ruling

July 24, 2018

 

Cryptocurrency in India Must Be Regulated States India’s Largest Bank.

In a twist of fate for cryptocurrency, the recent ban by India’s Central Bank against cryptocurrencies has been miraculously turned around. Friday set the date for the supreme court hearing on the state of cryptocurrency in the country. Surprisingly, the bank requested immediate regulations be set in place on all cryptocurrencies in the country. The request to regulate cryptocurrency was a major shock, and likely relief for cryptocurrency investors across the country, who were likely preparing a retaliation against the recent ban set in place against cryptocurrency platforms. After all, it was only this last April that the RBI placed a circular, putting an immediate halt on all cryptocurrency trading in the country. The change happened when the Royal Bank of India admitted to performing no research or analytics into the proposed ban, which even stopped trading inside banks and financial institutions within the country.

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