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Will the Banks Close Accounts of Reliance Capital, Quadgen and other Indian Investors?

Have you heard about Nucleus Vision? The nCash token? Currently listed on Koinex? Ofcourse you have. Nucleus Vision is a blockchain based IoT project for loyalty rewards in retail industry.

Did you know that Nucleus Vision, while a company with headquarters in Sunnyville, California has big Indian names as Investors. The entire development team comprises of over 80% Indians. The CEO Abhishek Pitti is an Indian graduated from Harvard.

The RBI recently announced a ring fencing across the regulated entities like Banks and mobile wallets. These entities are now banned from doing business with anyone working with cryptocurrency such as holding, trading, exchanges, etc.

Nucleus Vision is a project by Indians outside of India, but a lot of their backers are Indians. They are proudly backed by Indian companies like Reliance Capital and it was all over the news. Here’s a screenshot from the whitepaper.

RBI will ban reliance capital
Nucleus Vision is backed by Reliance Capital, an Indian company

Will the Banks close Accounts of Indian Backers?

Not only Reliance capital, the list includes prominent Indian entrepreneurs like Darshan Patel, the man behind Vini and Paras Pharmaceuticals. The company that brought you Fogg Perfumes. Quadgen is another backer, a company made by Indians registered in Singapore.

Not to mention, Nucleus Vision boasts about a partnership with 100s of retailers in India including Shoppers Stop, Raymond, Baby Oye and Brand Factory.

Nucleus Vision have telecom partners of the likes of Idea, Vodafone and Reliance communications.

The real question now to RBI and the banks is, Are you going to close the relationship with these big names because they are dealing with a company in the business of Cryptocurrency?

My guess is no. But hey, this is RBI vs People of India. If People win, its a win for Democracy. If RBI wins, we have lost the battle. I urge the community to question RBI about their move. Tweet this article to RBI, use Hashtags and tag @RBI account.

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