The Bitcoin community in India is gloating over the predicament of RBI which had to confirm in an RTI reply that “as on date, no prohibition exists on any Banks providing the Bank accounts for Crypto Exchange companies or Crypto Traders”. The above is a reproduction of an article in bitcoin.com that reflects this victory of black money merchants over RBI.
After getting the support of the three honourable judges of the Supreme Court and with neither the RBI nor the Central Government interested in taking any action to counter the effect of the Supreme Court judgement that directly promotes Black Money, Cyber Crime, Terror Financing and Money Laundering.
Crypto Exchanges convert INR to Bitcoin or other Crypto Currencies, convert one crypto currency to another and convert crypto currency to a foreign currency like US dollar or Japanese Yen.
Hence for all those people in the Finance Ministry, the MeitY who are remaining silent at this open promotion of Digital Black money, the honest, tax paying citizens of India are asking the question whether you would like any Indian to keep his assets in the form of Indian Rupees or want all of us to convert our rupee balances to Bitcoins and make it available for havala transactions?
It is unfortunate that even Mr Modi our beloved PM and the so called Iron man of the day Mr Amit Shah have been rendered impotent against the might of Bitcoin and Black Money. Mr Ravishankar Prasad and Mrs Nirmala Sitharaman are not interested in making any move because they are not strong enough to challenge Black Money in any form.
Otherwise with one notification under Section 1(4) of Information Technology Act, Government could have added “Crypto Currencies” as one of the categories of electronic documents that are not recognized as an electronic document and removed the legal cover for the instrument. It could have added an explanation to Section 66F that promoting Crypto Currencies as currencies convertible from INR could have been declared as “Cyber Terrorism” since it strikes a terror in the minds of all honest tax payers that the country is being taken over by black money merchants.
The RBI could have filed a case against any body projecting the Crypto Currency as a Currency not withstanding the Supreme Court judgement because the same judgement has upheld the right of the RBI to regulate the Crypto Currency.
Mr Modi should realize that Bitcoin on the loose is a threat greater than the COVID 19 and he is either not being advised properly or has lost interest in checking the menace of Black money in India.
Perhaps Mr Modi has lost his battle on Black Money as much as Naavi is loosing the battle against Bitcoins.