"The Reserve Bank of India (RBI) is considering issuance of its own virtual currency (VC) while instructing financial institutions to refrain from and cut off business relations with private entities that are dealing with virtual currencies .
Several central banks all over the world are debating the introduction of a fiat digital currency as opposed to the private digital tokens, which are growing in popularity, said the RBI. This currency will be issued by the central bank and constitutes the liability of the central bank. Digital currency, if issued, will be in circulation in addition to the paper currency and holds the promise of reducing the cost of printing currencies, said the central bank.
“While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency,” said the central bank. The report will be submitted by June-end.
The RBI, however, has frowned upon private cryptocurrencies and ring-fenced regulated financial entities from entities dealing in these digital currencies. The financial entities by the RBI are instructed to stop having a business relationship with entities dealing with virtual currencies forthwith and unwind existing relationship within a period of three months.
“Digital tokens by private currencies have been getting attention worldwide for their speculative value. While regulatory responses to this token currency are not uniform internationally, it is universally felt that they can seriously undermine the AML(Anti-Money Laundering) and FITF ( Financial Inclusion technology Fund) framework, adversely impact the market integrity and capital controls. If they grow beyond a certain size, they can endanger financial stability as well," said B P Kanungo, Deputy Governor, RBI.
Reserve Bank had repeatedly cautioned users, holders and traders of virtual currencies, including bitcoins, regarding various risks associated with dealing with private virtual currencies previously. The central bank, however, acknowledged the potential benefits of the underlying blockchain technology and said that it should be utilised to benefit the economy."
From Business Standard article.
Topic: India Bans Crypto Currencies - page 2. (Read 529 times)
Yet another clickbait title.
Just because banks are being regulated does not mean crypto is banned.
Please take a few seconds to think about what you are posting before you post it.
Just because banks are being regulated does not mean crypto is banned.
Please take a few seconds to think about what you are posting before you post it.
In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
They don't want their people to take risk while watching behind, Crypto's are still young and still improving and part of improvement is to have some people that don't want or afraid to engage with it, but I could tell, once its already adopted everyone will follow.
no.... you are so gullible, or you work for them.
Nah, this true not only on a certain countries, it has been manifested before
it's hilarious that people think this can be stopped 
It's just as hilarious that people think this can't be stopped
I don't see it as they wanna stop it, might say, they don't want to involve or take risks
it's hilarious that people think this can be stopped
It's just as hilarious that people think this can't be stopped
so true
tails + private key in words imputed and ready to roll... what ever.
it's hilarious that people think this can be stopped
It's just as hilarious that people think this can't be stopped
...no?
That's a super true statement on both accounts! It can be stopped easy in certain countries. If like a G20 summit they all decide to ban it then we are super FOOKED until then its safe in most areas.
In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
They don't want their people to take risk while watching behind, Crypto's are still young and still improving and part of improvement is to have some people that don't want or afraid to engage with it, but I could tell, once its already adopted everyone will follow.
no.... you are so gullible, or you work for them.
it's hilarious that people think this can be stopped
It's just as hilarious that people think this can't be stopped
it's hilarious that people think this can be stopped
In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
They don't want their people to take risk while watching behind, Crypto's are still young and still improving and part of improvement is to have some people that don't want or afraid to engage with it, but I could tell, once its already adopted everyone will follow.
In a shock decision today, RBI - the regulatory monetory authority of India barred all banks from having any association with individuals or businesses dealing with crypto.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Banks have been told to exit any such association within 3 months, and the local exhanges already see prices in freefall.
Sigh. Crypto just cant catch a break this year. I hope 2018 just ends already.
Jump to: