RBI Bans CryptoCurrency: Regulated enties from dealing with Bitcoin Payements in India

[Crypto Ban in India] India virtually banned cryptocurrencies like bitcoin with the Reserve Bank of India barring regulated entities from providing services to any individual or business dealing in digital currencies.

RBI Bans CryptoCurrency: Regulated enties from dealing with Bitcoin Payements in India RBI Bans CryptoCurrency: Regulated enties from dealing with Bitcoin Payements in India By: Gnaneshwar Gaddam 5.0 stars based on 35 Reviews RBI Bans Regulated Entities From Dealing In Virtual Currencies Indian RBI virtually bans CryptoCurrencies like Bitcoin,Ethurium  barrin...
RBI Bans CryptoCurrency: Regulated enties from dealing with Bitcoin Payements in India Gnaneshwar Gaddam 5 of 5
RBI Bans Regulated Entities From Dealing In Virtual Currencies Indian RBI virtually bans CryptoCurrencies like Bitcoin,Ethurium  barrin...
RBI Bans CryptoCurrency

RBI Bans Regulated Entities From Dealing In Virtual Currencies

Indian RBI virtually bans CryptoCurrencies like Bitcoin,Ethurium  barring regulated entities from providing services to any individual or business dealing in digital currencies no more from now.

[Crypto Ban in India]

RBI has given three months to regulated entities like banks to undo their positions with the entities related to CryptoCurrencies, RBI Deputy Governor BP Kanungo said in a media conference. 
However, he spoke in favor of Block-chain but not CryptoCurrencies because it is not possible for them to regulate it.

Towards the end, he also mentioned that an inter-departmental committee has been formed to explore the feasibility and the desirability for a virtual currency issued and backed by the government.

Here’s everything Deputy Governor of the Reserve Bank of India "BP Kanungo" said:

“Regarding Ring-Fencing regulated entities from virtual currencies, digital tokens issued by private parties are getting international attention for quite some time, for their speculative value. Internationally, the regulatory response to these tokens are not uniform. It is universally failed that it is seriously undermine the airmail and FATF framework, adversely impact market integrity and capital controls. If they grow beyond a critical size they can financial stability as well. In the past RBI had cautioned on three occasions the members of public regarding the various risks they are undertaking by exposing themselves to CryptoCurrency. Now we have decided to ring-fence the RBI regulated Entities from the risk of dealing with entities associated with dealing with virtual currencies. They are required to stop having relationship with entities dealing with virtual currencies within three months.
However, we also recognise the Blockchain technology, of the distributed ledger technology that lies beneath the virtual currencies has potential benefits for financial inclusion and enhancing the efficiency of financial system, and we also believe they should be encouraged to be exploited beneficially to the economy.
Staying on the digital currency, in response to the emergence of private digital tokens, all over the world several central banks are debating the possibility of introducing a fiat digital currency as opposed to the private digital tokens like the ones I just spoke about. These are issued by the central bank that constitute the liability of the central bank and they will be in circulation in addition to the paper currency that we have. It also holds the promise of reducing the cost of printing of the note. So recognizing this, we have constituted an inter-departmental committee in Reserve Bank of India which will product a report and they will explore the feasibility and desirability of issuing a digital currency by the Reserve Bank of India and to guide us in this matter in future.”

Keywords: Blockchain ,CryptoCurrency,Bitcoin,India

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SAVEDEL⭐ALL TECH NEWS BLOG: RBI Bans CryptoCurrency: Regulated enties from dealing with Bitcoin Payements in India
RBI Bans CryptoCurrency: Regulated enties from dealing with Bitcoin Payements in India
[Crypto Ban in India] India virtually banned cryptocurrencies like bitcoin with the Reserve Bank of India barring regulated entities from providing services to any individual or business dealing in digital currencies.
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