If you are an Indian and you live out of crypto trading, then you might have to bid goodbye to either the country or the business that you have set up around cryptocurrency. Recently, India’s central banking institution, famously known as Reserve Bank of India, issued a press release through which it cautioned all the active financial institutions to stop their operations in and around a business that was actively involved with bitcoins and cryptocurrency.
Countries like USA, Canada, Japan, and Australia are openly welcoming bitcoins, although for a crypto-based company they have to go through a lot of rules and regulations to prove their viability and authenticity. These steps are taken to ensure that the innocent traders do not fall prey to any company’s vested interests of duping people off their money.
The RBI announced that it is banning Bitcoins and trading of other cryptocurrencies because it wants to safeguard the interests of the customers and Indian fraternity as a whole. The financial institution isn’t shying away from admitting the fact that they are planning to launch a digital currency for the benefit of the Indians (which of course will be duly regulated by the Indian government agencies and financial Institutions and this will totally defeat the purpose of the traders who wanted to trade in a deregulated environment.)
As reported by The Times of India, RBI plans to launch its own digital currency very soon. Deputy Governor B.P. Kanungo stated, “While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency.”
Whether the central bank and the government agencies are really thinking about the betterment of the Indian financial condition or they are planning something with their vested interests, only time will tell that. Somehow the traders who were actively involved in cryptocurrency trading are unable to digest the fact that RBI banned cryptocurrency with an immediate effect and announced their own version of digital currency simultaneously. Were the governmental agencies planning such a move since a long time?
It is hard to guess right now. nonetheless, this buzz did impact the price of Bitcoin because after the news released recently, the price of Bitcoin went down from $7400 to $5400, which is a huge loss for those who are looking forward to a brighter future with the help of this coin.