Can a ban be flouted without the rules explicitly being broken? Is it possible for a central regulator to ban a completely decentralised currency, created with the objective of making the formal financial system irrelevant? It may be hard to believe that the Reserve Bank of India (RBI) —the banking regulator with an iron hand — would fail to enforce its own regulations, but that’s pretty much what happened when it tried to ban cryptocurrency in India.
On April 6, the central bank issued directions to all banks to freeze accounts of virtual exchanges dealing in the ...
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