RBI Admits There is No Bitcoin Ban in India in an RTI Response

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RBI Admits There is No Bitcoin Ban in
India in an RTI Response

• The Reserve Bank of India (RBI) released a
  circular in 2018 declaring a banking ban on
  crypto service providers, which had quite a
  devastating impact on the budding Indian crypto
  ecosystem. As a direct result of the circular
  many crypto exchanges and crypto service
  providers had to either shut their operations or
  relocate. The impact of the circular was even
  more devastating due to subpar reporting in the
  local media which wrongly interpreted the banking
  ban as a complete blanket ban and a majority of
  the population are still not sure whether Bitcoin
  or any other cryptocurrencies are banned or not.
• RBI's decision was later challenged by the
  Internet and Mobile Association of India (IAMAI)
  in the Supreme Court calling it unconstitutional
  and outside their jurisdiction. The case is still
  going on in the supreme court where the
  prosecution has addressed that the decision to
  impose any kind of ban on digital assets falls
  under the jurisdiction of Security and Exchange
  Board of India (SEBI). 

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RBI Admits Bitcoin is not
Banned In India
IAMAI also filed an RTI (Right to Information)
query asking whether Bitcoin and other
cryptocurrencies are banned in India. RBI has
responded to the RTI clearing that there is no
ban imposed on cryptocurrencies, and only
regulated entities like bank were asked to
restrict their service owing to the security
concerns surrounding digital assets, reported The
Economic Times The RTI query also revealed that
in 2018 while discussing digital assets, it was
proposed that Initial Coin Offerings (ICOs) must
be completely banned while virtual currency asset
funds must not be allowed to function in a legal
jurisdiction. RBI also claimed that they are not
against any technological innovation but they
also have to ensure security and safety of
citizens against potential frauds while
maintaining the financial sovereignty of the
state. The RBI vs IAMAI crypto case has been
going on in the supreme court since 2018 and has
gained some momentum in terms of the valuable
argument being presented from both sides.  The
case is being seen as pivotal for the crypto
space as it will play a pivotal part in deciding
what role India plays in the next fintech
revolution.
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