Reserve Bank of India says crypto has no value or use. I still have an old Rs 1000 note issued by RBI, that was cancelled by Modi via demonetisation and rendered worthless. Can they replace that? Then we can talk.

RBI in a tirade yesterday says crypto is worthless. Yet their own actions can prove the value of crypto. Notes issued by RBI themselves were cancelled overnight by the Indian government and rendered worthless.

People had a small time frame to redeem them, after which those notes expired and could no longer be used. If for whatever reason you were not able to redeem those notes, all you have left is scraps of paper. Today a lot of people still have old notes that no longer have any value.

This example alone shows the glaring failure of centralised currency models. You are permanently indebted to the rulers, who can take arbitrary decisions on your money. Your funds are literally not your funds, even if you hold them as cash. Of course, if its in a bank its even worse as it can be seized any moment if you happen to displease the ruling class.

RBI is a legacy institution that doesn’t have any self realisation and can rather do with introspection rather than spreading their agenda against crypto to cover up billion dollar bank scams. Their own blunders prove why crypto is valuable.

Its not unthinkable that a lot of people who faced hardships in demonetisation choose to consider crypto as an alternative system for their savings rather than blindly trust the banks and governments.

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19 thoughts on “Reserve Bank of India says crypto has no value or use. I still have an old Rs 1000 note issued by RBI, that was cancelled by Modi via demonetisation and rendered worthless. Can they replace that? Then we can talk.”

  1. I am sure that old Rs 1000 notes will be worth many thousands in the future. Hold onto them, and keep them safe and without any creases.

    Reply
  2. Bank will always do bank things.

    Attack something who can be dangerous and better then them.

    If they can’t destroy it! They adapting it

    Reply
  3. Oh yeah damn I remember when all big notes got cancelled. I was living in a boarding school then and a strict amount of weekly pocket money are given to spend by our “dorm parent” when we go out to town which wasn’t enough most of the time. Most kids then bought our own money to school from our home, illegal of course. Like 5 digits amount of money.

    Then BANG, those notes are fucking BANNED baby, it was a massacre.

    Reply
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  6. No surprise here. Banks are dumb and profiting off poor people. We don’t need them. Crypto is the future. Nothing they can say stop it

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  7. The banks did say to deposit old notes and they will give you back the new ones, post full stories don’t fool people with half stories

    Reply
  8. I guess gift cards must be the official currency of India because all I get are spam calls requesting that I send certain ones.

    Reply

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