Crypto-celebrity John McAfee has spoken out against the Reserve Bank of India (RBI), whose decision to ban cryptocurrency is now in full force in the wake of a July deadline set by the RBI when the decision was initially made.
Within this, traders in India are now limited to certain transactions and can no longer exchange cryptocurrency for FIAT currency. Plainly and simply, these regulations have been established to make it as difficult as possible to invest in cryptocurrencies in India.
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
McAfee has said:
“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.”
We know that citizens and traders within India are not taking to this very well, therefore any inspiration from a figurehead such as McAfee will be very much welcomed. By calling for a boycott, McAfee hopes to exert some real stress and financial pressure on the RBI and the other authorities concerned.
Of course McAfee needs to speak up for cryptocurrencies in India, honestly, his career depends on it. I don’t however believe that McAfee is entirely gains driven by this, I do genuinely believe he is upset that a forward looking country such as India could take such steps to cut out and ban cryptocurrencies, this is a sentiment felt by the majority of the industry and the moment.
McAfee’s words could inspire a revolution, though we don’t expect this to happen anytime soon. This however could bring together a community in India that may be feeling a little badly done to right now. That’s a good thing.