Topic: India’s Central Bank is Against Bitcoin as Legal Tender (Read 1026 times)
The former governor of the Reserve Bank of India (RBI), Raghuram Rajan was rabidly anti-Bitcoin. He created problems for the small and medium scale Bitcoin businesses (especially exchanges) in India, and as a result of this a lot of them shut down. He was kicked out a few months back, and replaced by Urjit Patel. I was hoping for a more pro-Bitcoin stance from the new guy....
Now isn't that a step backwards? Isn't India trying to regulate it's bitcoin exchanges like the Philippines is trying to do now?
I would like to say that India follows the China steps. Both of them are the countries with the biggest population in the world and even though Indian rupee is not like yuan as far as it concerns the bitcoin it seems to me that they follow Chinese's policy. On the other side as far as I read from the same article in Philippines the government accept bitcoin to be recognized as a valid payment method. There are many members in this forum from Philippines so could share with us their view about bitcoin regulation in their country.
From my twitter feed:
Merely weeks after cautioning residents that bitcoin companies weren’t authorized or licensed to operate in the country, India’s central bank is reportedly not including bitcoin under the purview of regulations for digital payments. In essence, the cryptocurrency will not be legitimized as a legal form of payment or settlement in an economy which is the world’s largest receiver of remittances, anytime soon.
Link: http://thebitcoinnews.com/report-indias-central-bank-is-against-bitcoin-as-legal-tender/
Merely weeks after cautioning residents that bitcoin companies weren’t authorized or licensed to operate in the country, India’s central bank is reportedly not including bitcoin under the purview of regulations for digital payments. In essence, the cryptocurrency will not be legitimized as a legal form of payment or settlement in an economy which is the world’s largest receiver of remittances, anytime soon.
Link: http://thebitcoinnews.com/report-indias-central-bank-is-against-bitcoin-as-legal-tender/
India or the government of India to be more precise has its own agenda and Bitcoin is not helping in achieving this, so there is no love lost towards Bitcoin. But what is more important is the fact that this does not mean that Bitcoin is not allowed to use. You can still use it, only the government will not accept it as payment, if you want to pay them for example. How the rest will play out is hard to say, but since in India is a lot happening theses days, regarding money it will be interesting to watch.
Now isn't that a step backwards? Isn't India trying to regulate it's bitcoin exchanges like the Philippines is trying to do now?
This has been their tactic since long. In 2014, they banned the banks from opening savings and current accounts for businesses related to crypto-currency. The local exchanges are getting tax notices and frequently they are getting raided by the authorities.
Now isn't that a step backwards? Isn't India trying to regulate it's bitcoin exchanges like the Philippines is trying to do now?
It is not. The Central Bank has a duty to warn citizens about the dangers of various investments. It is just cautioning people about the dangers of buying bitcoins.
I don't think any government in the world has accepted Bitcoin as legal tender...
Now isn't that a step backwards? Isn't India trying to regulate it's bitcoin exchanges like the Philippines is trying to do now?
It is not. The Central Bank has a duty to warn citizens about the dangers of various investments. It is just cautioning people about the dangers of buying bitcoins.
I don't think any government in the world has accepted Bitcoin as legal tender...
Poor decision by a growing and yet to establish country. They believe people to get cashless while they dont want them to learn about crypto, I would call this decision a bit money minded by the govt as they are just seeking their person interests.
Now isn't that a step backwards? Isn't India trying to regulate it's bitcoin exchanges like the Philippines is trying to do now?
legal tender is not about humans prohibited from usage... legal tender is the government accepted payment method.
EG even with fiat you cant pay court fines using credit card, euro or dollar
EG even with fiat merchants in india are not required to accept euro's, dollars,
bitcoin is a currency, but banks of india will stick to indian fiat.
this does not stop citizens from doing what they like. yep they can even trade antique paintings for rice if they want. or bitcoin
EG even with fiat you cant pay court fines using credit card, euro or dollar
EG even with fiat merchants in india are not required to accept euro's, dollars,
bitcoin is a currency, but banks of india will stick to indian fiat.
this does not stop citizens from doing what they like. yep they can even trade antique paintings for rice if they want. or bitcoin
From my twitter feed:
Merely weeks after cautioning residents that bitcoin companies weren’t authorized or licensed to operate in the country, India’s central bank is reportedly not including bitcoin under the purview of regulations for digital payments. In essence, the cryptocurrency will not be legitimized as a legal form of payment or settlement in an economy which is the world’s largest receiver of remittances, anytime soon.
Link: http://thebitcoinnews.com/report-indias-central-bank-is-against-bitcoin-as-legal-tender/
Merely weeks after cautioning residents that bitcoin companies weren’t authorized or licensed to operate in the country, India’s central bank is reportedly not including bitcoin under the purview of regulations for digital payments. In essence, the cryptocurrency will not be legitimized as a legal form of payment or settlement in an economy which is the world’s largest receiver of remittances, anytime soon.
Link: http://thebitcoinnews.com/report-indias-central-bank-is-against-bitcoin-as-legal-tender/
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