RBI STATEMENT ON BITCOIN

[bitcoinveda]

Reserve Bank of India (RBI) has signaled that virtual currencies like bitcoin won’t be allowed in the country. “Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end,” said S Ganesh Kumar, executive director of the RBI, at a conference in Mumbai on Nov. 06.

http://www.moneycontrol.com/news/business/economy/bitcoins-not-to-be-used-for-payments-and-settlements-for-now-rbi-2431047.html

[onrise]

This seems to be a danger for the btc and other cypto currencies in India. How does other exchanges in India see this? What is their reaction to this? Have they started intimating their clients about the same and will they stop the exchanges or will they wait for more clarification to come form govt?

[Freebieindia]

"though the technology underlying crypto-currencies will not end"
the above statement says it all. Also they have denied it a payment , but we are free to invest. Who knows the future, maybe seeing increasing acceptance of Bitcoin in world will one day let the Indian Gov to jump in Bitcoin making it legal

[boss1dg]

i cant understand why indian govt and RBI have so much issue with Bitcoin , it is now worldwide popular ,, even i want our govt should launch their own coin ..

[Benson Samuel]

Reserve Bank of India (RBI) has signaled that virtual currencies like bitcoin won’t be allowed in the country. “Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end,” said S Ganesh Kumar, executive director of the RBI, at a conference in Mumbai on Nov. 06.

Such a vague statement, as usual, the 3d vague one.
"is that we will not be using it".. Who is the we???

[susila_bai]

Reserve Bank of India (RBI) has signaled that virtual currencies like bitcoin won’t be allowed in the country. “Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end,” said S Ganesh Kumar, executive director of the RBI, at a conference in Mumbai on Nov. 06.

So as per this statement it is clear that we can use the technology behind crypto currencies, so the altcoin made can be used for payments and settlements. This statement is totally confusing whether to use the crypto currency or leave it.

[Dil dil]

This project was something not related to blockchain technology at all and ideas was long ago proposed in financial meetings in government departments and RBI will not allow any such project .there are still not approving usage of blockchain technology to secure their data.

[Lover boy]

As soon as the indian government make some regulations and implement on bitcoins then i think the bitcoin will flourish more and users can make use of this information and enjoy bitcoins.

[RahulRana]

I understand ,The Indian government and reserve Bank of India have much some issue created with BTC .

[Zackgeno96]

Reserve Bank of India (RBI) has signaled that virtual currencies like bitcoin won’t be allowed in the country. “Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end,” said S Ganesh Kumar, executive director of the RBI, at a conference in Mumbai on Nov. 06.

Such a vague statement, as usual, the 3d vague one.
"is that we will not be using it".. Who is the we???

Just wanted to mention , Kirit Somaiyya of ruling party BJP has accused the bitcoins for illegal activities and declared it as ponzi scheme during one of the parliament session.  We all know how illiterate he is but still he is influential leader and people may believe what he has accused.

[freundes]

The RBI with the Govt. wants to control everything.
They must know that we are living in the technology age.
If they do ban bitcoins it will be a loss to the Indian market/economy as many of us are holding some coins and we can spend elsewhere.

[SimonJones]

India has very strict capital controls. They will never allow a currency like Bitcoin.

[RameshSekar]

RBI and Government want as to use digital currency but they are not accepting bitcoin only because they do not understand and fear it.
they can fight it but can't win it.

[Dil dil]

RBI is a government so Indian government and reserve Bank of India created with BTC .

[Virtual miner]

i cant understand why indian govt and RBI have so much issue with Bitcoin , it is now worldwide popular ,, even i want our govt should launch their own coin ..

It might be worldwide popular but not favourable for governments. Their problems in context of money laundering certainly shoot up. Moreover mantaing money supply in economy to control inflation also becomes too difficult for any government. India is certainly a developing economy so it must maintain an inflationary status. Bitcoin is a deflationary currency. This makes India against such cryptos.

[TRS-HARDWARE]

In October, 2017.. Nepal has banned BITCOIN. This is bad indication as both countries do many things together. Thus to stop money laundring bitcoin is banned in nepal and india will not ignore it totally. However, modi is much very futuristic. I m hoping on modi government. No hope with others.

[goyald2801]

day by day , more n more indians buying bitcoins and investing in other tokens ,, soon the day will come this currency will rule the world . and indian govt will have to adopt this technology .