Reserve Bank of India in the past few months has served as a major deterrent to the rise of cryptocurrencies in the country. It has done a lot to curb use of cryptocurrencies in India even though cryptos are not illegal itself.
However, there isn't a lot that the central bank of India can do regarding any individual or group of individuals engaging in any Peer-to-peer trading.
P2P trading of cryptocurrencies usually involves transfer of cryptocurrency between two individuals for an exchange of INR. But as far as the central bank is concerned, the purpose of the transfer of INR between two individual accounts is largely unknown for most of the transactions.
There's nothing RBI can do about it because no bank in the country has the judicial power to attribute any purpose or reason for a bank transfer in case of P2P or in general between individuals.
Banks aren't empowered with the right to exercise this judicial function which otherwise would allow them to ascertain the nature of each transaction and therefore further curbing any transactions between end-users.
The fact that the banks are helpless in this matter is actually empowering the end users to continue staying invested in the market.
Banks after all are simply custodians of our money, they are not the owners of our money! They shouldn't be telling us what to do or not to do with our legally accounted funds!
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