There's no "investor protection" in this picture... what there is is fear of not having 100% control of the money supply. 

Especially since this is India, where the past couple of years have been all about the government trying to control money. The idea of potential *competition* for a means of exchange... through cryptocurrencies... is probably perceived as a major threat to them.

But it will be interesting to see how this all plays out. We've got the world's two most populous countries — India and China — putting these issues to the test at the moment.

Investor Protection is another way of saying, "Since you are stupid, let us handle it for you."

It is not only an unclear way of making a response but also highly disrespectful to the citizens of the country. Citizens, who theoretically are the most powerful group in the democracy.

I also loved the tone of Sohail Merchant's tweet. You can tell that he is fed up and its showing in his words. It is not too far off to assume that same is the condition of guys from other exchanges. They are hitting back verbally and this means that Indian crypto market is getting sharper teeth and it looks like that the crypto markets are maturing. That is a good sign.

RBI will all be responsible all the brain drain occurs due to this ban. It seems totally humourous that we are living in 21st century where we are planning to space travel, making hyper loops and Sophia the first humanoid robot of the world and India is still busy in deciding whether to allow cryptocurrencies here or not. It seems totally ridiculous. RBI should be shameful of it. Even it has not done any proper research before the ban.

If you have invested in

Bitcoin

or any other cryptocurrency, a deadline is looming on you. From July 5, the entities regulated by Reserve Bank of India (RBI), which include banks, will terminate their existing relationships with firms or individuals dealing in cryptocurrencies.

The RBI in April issued a circular giving a three-month buffer period to entities to end their business relationships. That period will end on July 5. It means the crypto exchanges will not be able to let traders liquidate crypto assets.

The Internet and Mobile Association of India (

IAMAI

), which represents internet firms had filed a writ petition in the Supreme Court against the RBI move to ban banks and financial institutions from providing services to any individual or business dealing in cryptocurrencies. Today, the court has refused to grant any interim relief to cryptocurrency exchanges against the RBI's move, according to a Bloomberg report.

“If banking is something the exchanges are not allowed to do, then the solution is something that direct banking doesn’t come in,” Nischal Shetty, chief executive of WazirX, told ET. WazirX, an Indian crypto exchange, is now set to introduce P2P (peer-to-peer) trading.

Traditionally, all trade on exchanges happen through online banking channels where users can buy and trade bitcoins. The exchanges charge a transaction fee on every trade. The RBI's April circular mandates banks against offering services to exchanges, pushing them toward a P2P exchange.

In P2P trade, the buyer and seller can deal with each other directly while the exchange acts as an escrow account that holds the cryptos during the transaction to avoid cheating.

While many day traders have cash out their investments, experienced traders remain unfazed. “We must understand that only withdrawal (of rupees) will be stopped but other functions like buy and sell/send and receive crypto in Indian exchanges will work,” said, Avinash Baboo, who has been a crypto trader for three years.

The government and the RBI have issued several warnings against dealing in cryptocurrencies including Bitcoins, the former even comparing it with a Ponzi scheme. While issuing the circular in April, the apex bank cautioned users, holders and traders of

crypto currencies

, including Bitcoins, regarding various risks associated in dealing with such currencies.

Congratulations @firepower! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :

[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/voted.png)](http://steemitboard.com/@firepower) Award for the number of upvotes received

<sub>_Click on the badge to view your Board of Honor._</sub>
<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>


To support your work, I also upvoted your post!


**Do not miss the last post from @steemitboard:**
[SteemitBoard World Cup Contest - Semi Finals - Day 1](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-semi-finals-day-1)

---
**Participate in the [SteemitBoard World Cup Contest](https://steemit.com/steemitboard/@steemitboard/steemitboard-world-cup-contest-collect-badges-and-win-free-sbd)!**
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: [@good-karma](https://v2.steemconnect.com/sign/account-witness-vote?witness=good-karma&approve=1) and [@lukestokes](https://v2.steemconnect.com/sign/account-witness-vote?witness=lukestokes.mhth&approve=1)

---

> Do you like [SteemitBoard's project](https://steemit.com/@steemitboard)? Then **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!

ok, 20th July.

I am too waiting for the good news on 20th july hearing ,and ofcours for your valuable updates.Untill then steem on dear,wish you good time aheade.

Yes! I agree, they never given any protection to the investors, its a joke. Waiting for the good news soon.

this post has been very helpful

20th July

# Investor Protection
<b>
Huh

So that means if I invest my Life's savings on a single stock an loose everything the Bank will give me my Money Back.

If that is the case I am ok with Cryptocurrency Ban in India.

sarcastically speaking of course.

It's not more than a Big joke by RBI

Only 5 more days to go.