As you might know that The Reserve Bank of India (RBI) on Thursday barred banks and financial institutions from dealing with virtual currencies including Bitcoins and said that it was time and again warning users of virtual currencies regarding the risks associated with it.
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs (virtual currencies),” the RBI said in a statement on Thursday. “Regulated entities which already provide such services shall exit the relationship within a specified time.”
The RBI is expected to issue a circular in this regard very soon.
The regulator will also give a three-month buffer period to entities to unwind their business relationships.
It has been really a sad development for all the cryptocurrency lovers in the country. So to convey to the RBI that the decision they are taking is not really in favour of crypto users in India, a petition has also been started at change.org.
All those who want to secure the future of bitcoin should go and sign the petition to show support for blockchain technology in general. What action the RBI takes after submission of the petition cannot be predicted. Still this is the best chance that crypto lovers have got to turn the tide in their favour. If you are one of them, do make sure that you sign it.
Share this post as much as possible with people you know who love the crypto space.
And Let’s hope for the best… Fingers Crossed…