India’s crypto regulation is reportedly ready and there has been much speculation about what it contains. An Indian lawyer has gotten some answers from the Reserve Bank of India about a bill allegedly seeking to ban cryptocurrencies. Surprisingly, the central bank claims that it does not have any knowledge of this bill and did not endorse any ideas towards a complete ban on cryptocurrencies.
RTI Request to RBI
Indian lawyer Varun Sethi, founder of Blockchain Lawyer, revealed Wednesday that he has received a reply to the Right to Information (RTI) request his team filed with the country’s central bank, the Reserve Bank of India (RBI).
This RTI was filed on May 7 following an article published on April 26 by the Economic Times about a bill entitled “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.” The article cites an unnamed government official claiming to have knowledge of the bill. “Our team was expecting to get insights about RBI role in helping draft the bill since it had been proactive in educating and informing investors about risks of cryptocurrencies,” the Blockchain Lawyer team explained after receiving a reply on June 4.
While the article claims that several government ministries were involved in the drafting of this bill, Sethi and his team decided to file their RTI with the central bank. Noting that the RBI has been a key minister in informing investors about the risks associated with cryptocurrencies in the past, Sethi explained:
We feel that the Reserve Bank has been issuing these notifications to investors so we thought that they must be aware of this bill and I feel that they are a good contributor to this proposed bill so they might have some information.
This is not the first time Sethi filed an RTI with the central bank. After the RBI issued its infamous circular in April last year banning…