Reserve Bank of India Bans Dealings with Cryptocurrency Exchanges
RBI's newest ban may be a precautionary measure, but ends up losing regulatory controls of cryptocurrency dealings
Image source: pixabay.com
An article was released on newsBTC titled: "India’s Crypto Crackdown Presents Opportunity for Peer-to-Peer Exchanges" written by Rick D. addressed the implementation of the ban for RBI to deal directly with any crypto exchanges. This would mean that direct withdrawals and deposits from RBI to crypto exchanges will be disabled.
I was shocked by this decision for India, as they seem to have followed suit to China's cryptocurrency and ICO bans (Source: Forbes -Sara Hsu). I can only interpret this move by RBI as shirking responsibility for cryptocurrency trading in the event that it fails or scams. Rather than providing regulatory advice and background checks, RBI has abandoned its people as well as deprive fellow Indian citizens a chance to build a larger financial portfolio.
Image source: Wikipedia
One door closes, many others open
With the diverse options, of banks, trading exchanges, international financial institutes and other platforms, India is under shock but unfazed by such insignificant bans made by RBI. Cryptocurrency trading is still being fulfilled by peer-to-peer exchanges.
Peer-to-peer exchanges such as Paxful allow users to organize trades and pay for crypto with a variety of different methods. These include PayPal, Western Union, and even various gift card sellers such as Amazon or OneVanilla.
Source: Forbes -Sara Hsu
India also seeks global solutions by making plans to shift their cryptocurrency businesses overseas, to "crypto-friendly" countries including Singapore, Switzerland, Estonia, Malta, Japan, Dubai, and the Cayman Islands (Source: Quartz - Nupur Anand).
Image source: pixbay.com
Cryptocurrency Banks
What strikes me the most is the lack of non-government controlled cryptocurrency banks. Anyone, from any country, should be able to hold a bank account or a coin wallet without any political barriers. Such controversial concepts have spooked governments as losing control of a person's assets would mean lesser political funds and money to spend on their non-taxable luxury houses, grand social events, and expensive cars. In the midst of this search, I chanced upon Crypterium - A Cryptobank for Cryptopeople.
I am still reading the whitepaper for Crypterium, a whopping 35-single spacing pages. They have just completed their ICO 6 months ago on 31st October 2017. A card is actually issued by the Crypterium Bank, and transactions in fiat and cryptocurrency are both possible. I am very excited to know about Crypterium and how it can change our world works in the future. I will definitely go into details about Crypterium in my subsequent posts, once I have finished reading the whitepaper. Till next time.
Imagine a world without financial boundaries, and payments made easier.
-tysler
Image source: crypterium.io
India has more than 1 billion people, a lot of them would benefit greatly from crypto-currencies since they are un-banked. This is just another example of how governments work against their people and for their banks... When will they give up?
Thanks for a very informative post, @tysler!
Exactly! We have world finance of trillions of dollars but some people have not a single cent. Those differences are in exponential terms, so imagine the impact :( Thanks for supporting my view
Noooo not another ban! why are governments doing this
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People of India should demand their rights to financial freedom and access to larger financial opportunities. Instead of banning it, why don't they educate their people about crypto?
Exactly. With India's wealth in technical knowledge, it would not have been difficult for them to be leading the blockchain technology.
many in India still live off grid. Many are not fortunate like us with the Internet. earning less than a dollar a day. perhaps it is more safer to ban bitcoin, when things go internet, government is hard to control external intervention.
really heart-wrenching to hear stories about people living in poverty :( While we have been taught to have a conscience and good morals, the super rich definitely did not care.
partly because of india culture and their education level. even the younger generation is still stuck with century old obsolete tradition.
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