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McAfee CEO Criticizes RBI Ban

John McAfee has expressed his immense anger towards India’s lawmakers to proceed with the Reserve Bank’s proposal to ban cryptocurrencies. An order was announced by the reserve that banks must completely stop operating with cryptocurrency exchanges, essentially outlawing crypto in India.


Fear


McAfee also said that India’s decision to enforce the ban was due to fear. The CEO urged all businesses involved with the bank to boycott its services until the ban was lifted. As a result of the ban, digital exchanges within India have turned to operate between cryptocurrencies only, which makes it hard for newcomers looking to invest fiat currency into exchanges to join. 


Those already invested in a system and possess digital assets can trade since they were purchased before the ban, essentially isolating crypto exchange projects to one form of trade. Rumors that new investors will use social media and peer-to-peer networks as a means of privately trading flat funds with cryptocurrencies are circulating.


The IAMAI was among the long list of those opposing India’s new ban and unsuccessfully attempted to reverse the decision in a hearing, although the Supreme Court stood firm on its ruling and the next scheduled hearing will be on the 20th of July.

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