The Reserve Bank of India (RBI) has created chaos and panic in a technologically advanced country like India after the stay on the cryptocurrency ban. The reactions have been pretty negative, with many in the financial and technological industry calling it a massive blow to India’s rapid movement towards development.
The ban that has stayed is pointed towards the RBI banning banks and other financial institutes from dealing with crypto companies. Indians can still actively take part in cryptocurrency exchanges. However, withdrawals and deposits using the fiat currency of the Indian Rupee will be stopped.
Don’t fret though, the problem solver John McAfee has already started pumping up and motivating the Indian public. Indians who want cryptocurrencies to be deposited and withdrawn freely with no restrictions from banks have got the support of the man who changed the internet security game thanks to McAfee Antivirus.
McAfee tweeted with anger, passion and a never say die attitude last night-
The Reserve Bank of India (RBI) initiated this atrocity out of fear and won through the existing centralized power structure. I'm calling for a boycott of any financial institution that does business with RBI. We must stand together and act.https://t.co/jNLXKfDeeJ
— John McAfee (@officialmcafee) July 5, 2018
McAfee being the experienced person he is showed no fear and has asked for a move by financial institutions to stop doing business with the RBI. Sounds pretty drastic and unbelievable?
Think again, when demonetization occurred were not people in the mercy of the government when they had to stay in queues to withdraw their hard-earned money. What about the businesses that survive on daily income? They were tarnished with no buyers and the whole country coming to a standstill. There were never-ending problems for about two to three weeks until the new notes were supplied.
Cryptocurrencies are a solution that needs to be present in an ever-changing digital environment.
McAfee knows better than to give up!
Indians also are known for finding another route, in their terms called ‘jugaad’ might have already found another way.
According to information, there is one bank which is not in the RBI’s domain. That is the State Bank of Sikkim (SBS).
SBS isn’t authorized under Section 22(1) of the Banking Regulation Act, 1949 by Reserve Bank of India.
As a person by the handle of @counsellor115 on twitter replied to McAfee’s tweet-
“John dont worry they cant fight bitcoin. Fighting btc is like fighting the sea current when swimming, you shall surely drawn”
Cryptocurrency is going into mainstream economics, and no one can stop it!
Good luck to you RBI!
Image Source: “Flickr”