In his latest tweet, the cybersecurity magnate spoke out against the Supreme Court ruling to keep in force the RBI ban that came into effect earlier today. The RBI provoked the issue three months ago when it issued an official statement to all national banks declaring that they must cease trading with crypto exchanges by July 6th. According to McAfee’s post,
“This atrocity [was born] out of fear and won through the existing centralized power structure”
McAfee even called for a business embargo, encouraging financial institutions to halt all working relations with the national bank in order to fight back against this decision.
In an attempt to circumvent the proposed restrictions, crypto exchanges in India so far have reverted to offering crypto-crypto trading in order to remove centralized dependency on bank lenders. This has resulted in only existing crypto traders who are already invested in virtual currencies having access to these exchanges and has made it difficult for new investors entering into the market. There have been discussions however, that new investors will likely be driven to use P2P markets or social networking platforms to privately facilitate fiat-crypto trading.
John McAfee is not the only one to oppose this ban. The Internet and Mobile Association of India (IAMAI) also officially challenged this decision in a hearing with the Supreme Court earlier this week but was unsuccessful in rebutting the court’s decision.
The next court hearing on this matter will take place on July 20th. Until then the ban remains.
This article appeared first on Cryptovest
