RBI worries on the chances of crypto crackdown backfiring

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RBI worries on paying less heed to cryptocurrencies. The discomfort of RBI with Cryptocurrency is old news. They want to protect customers engaged in this market of digital currency because bitcoin has lost nearly $200 billion in the market within the last two months. It was also pointed out that these currencies do not have any intrinsic value as they are not backed by assets.

There are many new exchanges emerging with crypto-to-crypto transactions so that one can buy the currency for another at predetermined rates. It was also found that the peer-to-peer trade has been decreasing day by day as cryptocurrency is coming in use.

With exchanges claiming that RBI could have focused on regulating and understanding the ecosystem instead of pushing it into a shadow, everyone is eagerly waiting for 11 September for the final hearing of the Supreme Court on the ban.

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