jdebunt (OP)
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August 28, 2015, 04:09:35 PM |
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http://digitalmoneytimes.com/crypto-news/reserve-bank-india-wants-monitor-bitcoin-activity/The Reserve Bank of India has once again indicated its desire to regulate all activities related to Bitcoin and other virtual currencies in the country. Given the decentralized nature of these currencies, with no “backing” in place, the Reserve Bank of India fears virtual currencies will put the country’s financial ecosystem on its head. While this may be what Bitcoin was set out to do, strong opposition from government officials could present quite the roadblock.
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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Whitehouse
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August 28, 2015, 05:09:43 PM |
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All this shows is that they're obviously worried about the potential of bitcoin. And if anything is going to 'put the country’s financial ecosystem on its head' it will be the banks of India that print their own money on a whim.
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tyz
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August 28, 2015, 05:43:19 PM |
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Or they are just looking for alternatives to the world reserve currency US-Dollar. Most countries in this region are highly depended from the politics of the Federal Reserve. We are seeing in China what a deep impact it could have to an economy when Fed announces to increase the interest. All this shows is that they're obviously worried about the potential of bitcoin. And if anything is going to 'put the country’s financial ecosystem on its head' it will be the banks of India that print their own money on a whim.
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bryant.coleman
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August 29, 2015, 04:22:44 PM |
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The Reserve Bank of India is once again creating problems for the Bitcoin users in that country. Already a number of Bitcoin ventures (especially exchanges) have closed down after the RBI prevented banks from working with them. Things are looking bleak in India, and until Raghuram Rajan steps down, Bitcoin will remain dormant there.
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PolarPoint
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August 29, 2015, 09:07:23 PM |
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The main thing to remember is that the Reserve Bank of India does not wish to interfere with the virtual currency ecosystem, but rather monitor things closely to gain a better understanding They are purely observing right now. I think regulations will come later. This isn't all bad, better than outright banning it. Even Russia is aiming to regulate bitcoin instead of banning it months before. |
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Wapinter
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Hire me for Bounty Management
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August 29, 2015, 09:21:55 PM |
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The Reserve Bank of India is once again creating problems for the Bitcoin users in that country. Already a number of Bitcoin ventures (especially exchanges) have closed down after the RBI prevented banks from working with them. Things are looking bleak in India, and until Raghuram Rajan steps down, Bitcoin will remain dormant there.
It doesn't matter who is at the helm of affairs,the retrograde mindset of excecutives will be the great hindrance in regulating bitcoin in India.I wouldn't be amazed if India would be the last country to regulate it |
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bryant.coleman
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August 30, 2015, 08:15:36 AM |
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It doesn't matter who is at the helm of affairs,the retrograde mindset of excecutives will be the great hindrance in regulating bitcoin in India.I wouldn't be amazed if India would be the last country to regulate it
India always had the problems with unaccounted money. That is one of the reasons why they are cautious about new payment systems such as Bitcoin, which can offer anonymity. But it is true that the Indian government mindset is retrograde. Some of them view the Bitcoin sector as just another route to obtain bribes. |
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Kprawn
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August 30, 2015, 11:11:19 AM |
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This coming from one of the countries that need it the most. They have one of the highest populations on earth and poverty is a huge problem. These Reserve banks will do anything to protect their Fiat currencies. {Rupees} Why.... because they can manipulate it. {Printing it like toilet paper, until it's worth as much or even less} Bitcoin can bring millions in extra tourism income. {If it's widely accepted, people with Bitcoin would go there because it's cheap and safer to use Bitcoin} ...It also creates lots of jobs in the informal sector... Something they need a lot.  |
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bryant.coleman
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August 30, 2015, 11:29:39 AM |
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Bitcoin can bring millions in extra tourism income. {If it's widely accepted, people with Bitcoin would go there because it's cheap and safer to use Bitcoin} ...It also creates lots of jobs in the informal sector... Something they need a lot. Right now, this is not the case with Bitcoin. Bitcoin adoption is slowing down, and many of the online shopping sites have removed Bitcoin as a payment option. And the number of jobs which can be created by Bitcoin adoption in India will be less than 100. Unless the adoption increases, most of the governments (including the Indian government) will ignore Bitcoin. |
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aso118
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★Nitrogensports.eu★
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August 30, 2015, 12:38:33 PM |
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http://digitalmoneytimes.com/crypto-news/reserve-bank-india-wants-monitor-bitcoin-activity/The Reserve Bank of India has once again indicated its desire to regulate all activities related to Bitcoin and other virtual currencies in the country. Given the decentralized nature of these currencies, with no “backing” in place, the Reserve Bank of India fears virtual currencies will put the country’s financial ecosystem on its head. While this may be what Bitcoin was set out to do, strong opposition from government officials could present quite the roadblock. This seems to be factually incorrect. RBI has not made any comments regarding regulation of bitcoins. The article itself has contradictory statements... The Reserve Bank of India has once again indicated its desire to regulate all activities related to Bitcoin and other virtual currencies in the country....
The main thing to remember is that the Reserve Bank of India does not wish to interfere with the virtual currency ecosystem, but rather monitor things closely to gain a better understanding..... |
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Nextgen
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August 30, 2015, 01:16:06 PM |
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Yes it is true ,it is impossible for bitcoin to get into India as it can stop all the revenues and profits on the governments..
what is the use of printing 10000.. Rupee add as many '0' you want ,if its of no value .??
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bryant.coleman
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August 30, 2015, 02:07:58 PM |
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Yes it is true ,it is impossible for bitcoin to get into India as it can stop all the revenues and profits on the governments..
what is the use of printing 10000.. Rupee add as many '0' you want ,if its of no value .??
The Indian Rupee is one of the most inflationary currencies in the world (not as much as the Venezuelan Bolivar and the Zimbabwe Dollar, but the situation is pretty bad). The USD vs INR exchange rate has gone from 39.42 in 2007, to 66.15 as of now. That is almost 70% devaluation against the US Dollar in just 8 years. So it is not surprising that the Indian government is fiercely protective of its currency. |
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