The Indian market has always been seen as an enemy of the cryptocurrency industry, with Reserve Bank of India (RBI) acting as an antagonist. Indian cryptocurrency supporters were recently won by the Supreme Court’s decision to lift the 2018 crypto ban.
Despite the change, there have been some industry complaints about mainstream banks preferring traditional set-ups rather than emerging virtual asset companies. In order to combat this difference of opinion, Unocoin, co-founder of BV Harish, took matters into his own hands.
Just recently, Harish filed a Right to Information [RTI] with the Supreme Court to inquire whether provisions were in place to address the bias shown by the institutions. The Reserve Bank has expressly stated that the new legislation applies equally to all bodies, regardless of their affiliation with the financial department. The RTI premise was based on a report that banks were not issuing accounts to cryptocurrency traders.
The RBI took almost a month to respond to the initial RTI that was much talked about in the cryptocurrency world. According to the central bank, there were no prohibitions or restrictions that would set aside any individual or organization working in the digital asset world. The main reason for the bank’s reply was the sheer number of complaints from the Crypto Department. Speaking on the RBI’s latest revelation, Harish said:
“ Bankers have been saying that they need new RBI circulars mentioning that there are no more restrictions for them to provide bank accounts for crypto businesses. Now, we have received a positive response from the RBI. ”
The RBI was just one of the bodies that responded to the requests, while several major players remained silent on the issue. Banking giants such as SBI, HDFC, and Axis Bank have yet to comment on the plight of cryptocurrency officials. Despite the backlash from the mainstream community, enthusiasts like Harish are out to prove how crypto can benefit people.
Ever since the original ban on crypto was lifted in March, the people involved in the sphere predicted that the ride would not be as peachy as it seems. It makes sense why the banks did not pay any attention to crypto: restricted mindset. Many supporters believe that if major organizations could overcome the mental hurdle, a lot of pieces would start to fall into place.