Reserve Bank of India issued a press release on Thursday that had a directive for withdrawing support to virtual currency businesses. The news sent a frenzy across the Indian cryptocurrency community and everyone could only talk about how India’s central bank has ‘banned’ cryptocurrencies. A massive wave of FUD followed in the market driving down the prices of cryptocurrencies in India significantly. But, did RBI just in fact ban cryptocurrencies? RBI is a banking regulatory body and controls the monetary policies of India, but it is not a legislative body. It can set directive regulations for the bodies that come…
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