Many of us the aware that some of the countries did not want to legalize bitcoins or cryptocurrencies. One of them was India and the Central bank of India never wanted to make bitcoin a part of the economy.
The Reserve Bank of India has just announced that there will be no longer any ban on the cryptocurrency trading or possession of bitcoins. On the other hand, the Supreme Court does not allow the banks to help the customers to deal with the crypto dealings. Earlier bitcoin was banned in India and the ban continued for at least 2 years long.
No Ban on Crypto
The Reserve Bank of India has now confirmed that there is no more ban on cryptocurrencies. In the right to information act, many have questioned this to the Reserve Bank of India and the Reserve Bank of India has declared that there is no more ban.
This RTI was filed on 25th April by the Unocoin co-founder, and he had asked a really easy question as to if the Reserve Bank of India has asked the banks not to co-operate or give bank accounts for crypto exchange purposes, etc. The Reserve Bank of India has responded very casually that till now or as of now there have been no such restrictions on trading bitcoins.
But it has later been found out that it is the Supreme Court which is curbing the banks from helping the people for crypto trading through banks and to keep them safe. Well even after the Reserve Bank of India legalizing it, some of the banks are still not helping or co-ordinating is purpose related to cryptocurrency trading and all. Try Bitcoin Storm and register now for bitcoin trading!!
The banks have asked the Reserve Bank of India to be clear with them and hence they are still waiting for the Reserve Bank of India to clear everything on what they want to do anything. There could be a major reason that bitcoin is being legalized in India now and one of the major reasons is that in the past few years it has been noticed that most people have traded bitcoins in India. But the banks of India have been claiming that now they need the circulation of the Reserve Bank of India to confirm that now they would be providing bank accounts for the use of bitcoins. They want the RBI to reassure that there are no longer any restrictions.
After receiving the reply of the Reserve Bank of India through the RTI the co-founder of Unocoin has mentioned that now finally there is some sign of positivity regarding the bitcoins in India. However, the central bank do not want to intervene between the Supreme Court and the crypto community, because it is solely their decision but what was clear was that Reserve Bank of India had given the permission of using it.
After the restriction has been lifted by the Reserve Bank of India, it has been seen that the people have been using more of the cryptocurrencies and there are many new users in the community. This is was quite unexpected and surprising because barely anyone knows about it.
Like other countries in the world, say the US and other such countries have won a lot of respect for bitcoin and now their traditional currency is almost similar to the bitcoins, hence to gain this position in India, it will take a lot of time. People must understand and know what it is about and how does it work. It is very important that one has the interest to know it, only when you are confident, you will be able to trade and use it.