India’s central bank admits it banned cryptocurrencies without ever researching them

June 13, 2018 Neer Varshney


India’s central bank, Reserve Bank of India (RBI), has been repeatedly warning citizens against the risk of investing in cryptocurrencies since at least 2013. After repeating the warning twice again in 2017, RBI let out a directive in April to ban all Indian banks from dealing with any cryptocurrency business. You would assume that RBI must have studied cryptocurrencies deeply to come to this conclusion, but you would be wrong. In a response to a right to information (RTI) application filed by a local lawyer, Varun Sethi, the central bank has admitted they did not conduct any research or consult…

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