RBI vs India - Latest Hearing Reveals Central Bank's Ban on Crypto is Illegal | Crypto Craft

  • RBI vs India - Latest Hearing Reveals Central Bank's Ban on Crypto is Illegal

    From coingape.com

    On 15th August 2019, India will celebrate its 72nd Independence Day, but unfortunately, the Indian crypto community is still beset with the banking ban on Crypto. According to a thread published by Crypto Kanoon, an Indian platform for crypto regulatory news, today’s hearing highlighted that “RBI’s involvement to restrict banks dealing with crypto during April 2018 was illegal”. Indian crypto investors, enthusiasts, and traders have been waiting for over a year to hear from the Supreme Court on its stance on cryptocurrencies after RBI’s banking ban. Though the rise of P2P exchanges have paved alternative ... (full story)

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TudorIoan
Aug 14, 2019 6:23am — Edited
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It looks like those indians knows something about the role of monetary policy in the economy.
They are not dumb at all.
They know about the abyssal crises created by the classical liberal economy based strictly on demand and supply, without the state's intervention on the monetary supply.
Hint, the Great Depression of 1930 deepened and also due to the Fed's inability to intervene by slowing the deflationary spiral due to the rigidity imposed by the "gold standard".
To what extent can a global economy of the future possibly in the context of the virtual adoption of virtual currencies, be prepared for such monetary adjustments to prevent or mitigate the violent cyclical crises inherent in capitalism (free markets)? Huh?

None. And BAM !
Ban it!
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Cryptobuzz
Aug 14, 2019 6:03am
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Good news! Hope the Indian supreme court says the RBI action is illegal and they are forced to withdraw their circular.
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