]In a fresh new twist, the Reserve Bank of India (RBI) has admitted to issuing its ban on cryptocurrency-related accounts spontaneously, without taking time to study and understand how cryptocurrencies work.

In reply to a Right to Information query filed by a local lawyer with the Twitter handle Blockchainlaw91, the bank revealed that its decision to ban cryptocurrency-related accounts in the country was made without due consultation or study.

How It Started

India’s central bank, the Reserve Bank of India, started warning its citizens against the dangers of investing in cryptocurrencies in 2013, which was followed by two other warnings in 2017, before coming down hard on the industry earlier this year.

On April 5, 2018, RBI published an announcement, stating that it was banning the country’s banks from dealing with any business or “entities dealing with or settling [virtual currencies].”

RBI Deputy Governor B.P. Kanungo who spoke to reporters said there was a…

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