John McAfee, on 6th July, posted an intriguing tweet against the Reserve Bank of India [RBI] urging financial institutions to dissociate themselves with the central bank. He also warned the institutions that he will ‘call for a boycott’ against those who deal with the RBI. This is in response to the ban imposed on cryptocurrencies in India. The tweet read:
“The Reserve Bank of India (RBI) initiated this atrocity out of fear and won through the existing centralized power structure. I’m calling for a boycott of any financial institution that does business with RBI. We must stand together and act.”
It was recently reported that the RBI has not thoroughly verified the pros and cons of digital currency for the country. Hence, the bank is going to take a few days to study the draft prepared by the Secretary of the Department of Economic Affairs, Subhash Chandra Garg. The draft focuses on cryptocurrencies and the regulations required for the survival of the crypto market.
Over the last few months, India’s cryptocurrency market has been through an unfortunate series of events. On 6th April, 2018 RBI issued a circular to Indian banks for ‘Prohibition on dealing in Virtual Currencies’. Post this, the central bank had given three months to banks to settle their businesses with these trading platforms which ended on July 5th.
This ban has been challenged in the Supreme Court by Internet and Mobile Association of India [IAMAI]. The hearing for the same held on 3rd July, wherein the Supreme Court of India denied the temporary stay. This decision by the apex court has led to a temporary shut down of withdrawals and deposits of Indian Rupees from the crypto-exchanges. The next hearing is scheduled on 20th July.
The government body also pushed banks to withdraw all support from cryptocurrency exchanges. This brought a heavy crash in the prices of big coins including Bitcoin, Ethereum and Ripple.
Rahul Kanotra, a McAfee follower and an India crypto-trader, commented:
“You are right!! But may be if everyone makes noise @PMOIndia listen as 2019 is near”
Another Twitter handle called futureloginn, also commented:
“With regards, I think you don’t have that much power right now … may be you can do this when $BTC reach 100K , don’t worry we Indians don’t sell our $BTC that cheap ….”
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