As the Reserve Bank Of India’s ban on cryptocurrency begins to take effect, the protests are getting louder…
The ramifications continue to be felt from the Reserve Bank Of India’s (RBI) ban on cryptocurrencies, that comes into force this week. The RBI had announced previously that it was withdrawing support for cryptocurrency businesses, stating that any entities it regulated would be prohibited from dealing with virtual currencies.
An attempt to overturn that decree failed in India’s Supreme Court earlier this week, and the ban comes into force from today. Already, as we reported yesterday, the Zebpay exchange – India’s biggest cryptocurrency exchange – has confirmed that it’ll no longer allow deposits or withdrawals in rupees.
Many are outraged at the approach the RBI has taken. Whilst it’s not official Indian law to ban cryptocurrencies, when the country’s main bank refuses to deal with them, it may as well be. High profile advocate of cryptocurrencies, John McAfee, has now joined the chorus of protests, too.
In a post to his Twitter account, McAfee has called for boycott of anyone doing business with the Reserve Bank Of India, describing the ban it’s implemented as an “atrocity”.
Here’s his Tweet on the matter…
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.https://t.co/jNLXKfDeeJ
— John McAfee (@officialmcafee) July 5, 2018
Expect further ramifications from the RBI’s ban as it takes effect in earnest over the coming days. And expect McAfee to be at the forefront of the protests.