Cryptocurrency-voicing entrepreneur and fanatic, John McAfee took to his Twitter Account to express yet another disdain, this time about the Reserve Bank of India’s (RBI) decision to ban cryptocurrencies altogether.
According to McAfee, RBI’s decision stemmed out of fear of the growing popularity tied to the crypto-sphere and the current position all centralized systems hold. He further argued that established businesses in India should refuse to do or provide any services via the RBI. Here is as per his quotes:
“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.”
As for India’s decision, the official announcement revealed that all matters cryptocurrency, which include exchanges and trading should halt by July 6th, 2018. What does this mean for current investors? Only those who have invested in cryptocurrencies prior to the ban will have access to such exchanges.
Unfortunately, future investors will be faced with a barrier to entry. More efforts are supposedly in place to accommodate those who cannot get into the market, but nothing has been finalized as of yet.
Although McAfee is perceived as a controversial individual, he is not the only one against RBI’s ban. According to Cryptovest, the Internet and Mobile Association of India (IAMAI) was against and contested the Supreme Court’s decision during the hearing, however, they failed miserably.
For the time being, the ban will be kept in place. Whether it is permanent or not will be decided in the next hearing set for July 20th, 2018.