India Central Bank Denies Knowledge of Crypto Ban Bill

India Central Bank Denies Knowledge of Crypto Ban Bill



India Central Bank Denies Knowledge of Crypto Ban Bill

The Reserve Bank of India (RBI) has apparently denied any knowledge of or involvement with a supposed bill that would ban cryptocurrency in India, according to a report by Bitcoin.com.

In a Rights to Information (RTI) filed by Indian crypto lawyer Varun Sethi to RBI, he asked five nine-part questions related to the central bank’s role in the bill.

RBI’s reply said it had no knowledge of “any written correspondence from other ministerial departments officially to RBI” and never “sent out official communication to other departments for this matter”, confirming that there was never “any communication received from Central Government in this matter”.

It also denied receiving any copies of the draft bill nor holding any meetings to “discuss, deliberate and decide the plan of action ahead of how to ban cryptocurrencies and regulate official digital currency bill”.

Sethi summed up his surprise, believing that the central bank was a key contributor to the draft bill:

“RBI has actually stated that they have not received any communication from any department and they have also not given any communication to any government department pertaining to [the] drafting of this bill and this is very surprising.”

The founder of Blockchain Lawyer said the RTI was submitted in May after the Economic Times wrote about a bill entitled ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019’. The article claimed that government ministry officials were in charge of the draft bill but Sethi said it seemed logical to ask RBI as they had been issuing previous notifications to investors.

RBI has a pending legal case versus crypto-related businesses, with a date set on 23 July 2019 with the Supreme Court.

 

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