No Research Backing RBI’s Move to Ban Cryptocurrencies
Recently, RBI has stated that it does not have an internal committee that looks into virtual currencies.
But, Reserve Bank of India is part of two different committees that have been constituted under the Ministry of Finance to study virtual currencies in India.
When RBI was asked to form a committee within the regulator to understand the working of VCs then it responded with the straight answer “NO”.
In a letter, RBI has specially mentioned that no research was conducted before restricting VCs in April. Central Bank has also responded by saying that no committee was ever formed for analyzing the concept of block chain before the decision.
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