Its seems the RBI is not backing down. The RBI claims to be able to justify their position on cryptocurrency and have outlined concerns. There are 3 main areas the RBI has concerns with cryptocurrency’s, how to protect investors, the lack of intrinsic value and the anonymity which could in some cases can lead to money laundering.
The focus seems to be on protecting investors. However, as Nischal Shetty the CEO, of the crypto exchange Wazirx commented. Protecting investors comes with regulations (which we agree with) not by implementing bans.
The exchange owners are worried and concerned that the RBI isn’t seeing matters from a point of; what can we all do to protect investors, instead of simply avoiding the subject and placing bans. It seems this turmoil between the RBI and cryptocurrency companies will not be over any time soon.
The main driving force behind the RBI stance is the high volume of cryptocurrency fraud taking place within India