Central Bank of India Admits, No Study Held Before Banning Cryptocurrencies

June 14, 2018

After months of regular concerns about cryptocurrencies voiced by officials India decides to take decisive steps. In April the country’s Central Bank ordered all banks to close accounts of crypto exchanges and their users in the following three months.

So what has become the most crucial factor here? Was it result of some study? Or a decision by the RBI commission? Of may be the Central Bank received consulting from foreign experts or researches?

«No».

This was the answer given in the RBI's response to Right To Information (RTI) application filed by attorney Varun Sethi in the first week of April. He got the answer on May 9, but revealed it on June 12.

“It seems as if the ban was arbitrary and it came into effect without any thought from the RBI. It has either answered in the negative or given conflicting answers to our questions asking what led to this ban”, Sethi commented.

Sethi now plans filing another RTI application with demand for more specific information from the Central Bank. Otherwise he will be striving for meeting with RBI’s officials to understand their stance. If both of the plans fail, he would go to the upper court.

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