RBI going to introduce semi-closed pre-paid payment instruments

[newIndia]

National Payments Corporation of India (NPCI) has said that the Reserve Bank of India should think about interoperability among authorised wallet companies in the future.

RBI Circular: https://www.rbi.org.in/scripts/BS_CircularIndexDisplay.aspx?Id=9935

Related News :-

1. http://www.siliconindia.com/finance/news/New-RBI-Rules-For-Issuing-Prepaid-Cards-On-Mass-Transit-Systems-nid-185192.html

2. http://www.business-standard.com/article/news-cm/introduction-of-prepaid-payment-instruments-for-mas-transit-system-115072401444_1.html

3. http://www.deccanherald.com/content/491277/npci-wants-wallets-work-together.html

Can this move have any impact on bitcoin, especially bitcoin based businesses in India ?

[1714020062]

1714020062

[polynesia]

I think these would only be INR based. So no immediate effect on bitcoin.
The positive bit is that RBI seems to be moving forward on regulation. It is no longer clamping down hard on anything to do with money transfer.

[RocketSingh]

I think these would only be INR based. So no immediate effect on bitcoin.

I think, the bitcoin businesses, that holds INR in their site wallet comes under this regulation. In fact, it will be interesting to see, if this semi-closed interchangeability comes into effect. Imagine, if you can move INR without friction between PayTM, FreeCharge, UnoCoin and ZebPay.

The positive bit is that RBI seems to be moving forward on regulation. It is no longer clamping down hard on anything to do with money transfer.

I think, RBI has always been protective about Indian economy. Because of the foresightedness of RBI top brass, Indian economy has been saved from many economic turmoil.