John McAfee seeks boycott of major central bank as crypto firms get no relief 18200
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Jessica Kuruthukulangara
Jul 11, 2018 at 9:37 PM

John McAfee, founder of McAfee Inc, lashed out at India’s central bank last week for its harsh stance on cryptocurrency firms and called for a boycott of all financial institutions that have business ties with the central bank.

“The Reserve Bank of India (RBI) initiated this atrocity out of fear and won through the existing centralized power structure,” McAfee, a strong advocate for cryptocurrencies, tweeted on Thursday.

His heated statements came a day after India’s Supreme Court said that the ban imposed by the Reserve Bank of India curbing lenders from dealing with cryptocurrency firms will continue.

The top court made its decision after hearing a plea from the Internet and Mobile Association of India (IAMAI) against the order.

Experts believe that the court’s refusal to stay the ban affects around 3 million crypto traders in India.

See also: Bitcoin frauds in India, state government orders probe

The ban announced in April came as a huge blow to cryptocurrency exchanges, forcing them to adopt a peer-to-peer business model which wouldn’t involve the participation of banks. The restrictions also ensued panic among customers on crypto exchanges, with users selling coins in large quantities ahead of the deadline.

To make matters worse, RBI did not do any due diligence or research before imposing the ban on cryptocurrencies, according to a response to a Right to Information query last month.

Top court to hear more petitions

Though the deadline for the ban to come into effect has passed, hopes to repeal or at least stay the order for a while till the central bank gains more clarity on virtual currencies remain alive.

See also: Panic selling post India’s central bank ban opens door for cryptocurrency arbitrage

Four petitions aiming to convice the court to stay the ban will be heard along with IAMAI’s appeal against the decision on July 20. IAMAI members include several major crypto exchanges such as Unocoin, Zebpay and Conisecure.

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