Stumbled upon this RBI link earlier today. For those of you who have not already done so, I encourage you to read this, it's very important. It really describes what the RBI's perspective on Electronic Money is. (from 2002)
http://www.rbi.org.in/Scripts/PublicationReportDetails.aspx?ID=290#sec4Found this comment rather interesting...
"...it is argued that e-money could also be issued as a separate form of currency independent of central bank money by entities other than the central bank. In that case, e-money would compete against the central bank money as a medium of exchange. Such a scenario, however, in which public gets e-money from an entity in exchange for something other than the central bank money seems remote now. It may be worth appreciating here that one of the strongest proponents advocating abolition of central bank's monopoly in the creation of money was
Von Hayek (1976). He proposed that banks should also issue their own currency. The resultant competition would ensure only well managed currencies to survive, help appropriate price discovery process and achieve price stability."
How will all of this apply to
BTCitcoin?
