(2017-10-13) Economics Times : RBI working on cryptocurrency policy

[newinbtc]

Kolkata: Reserve Bank of India appears to be preparing a policy on cryptocurrency, a virtual money used as medium of exchange in many countries including India but is not legalised here.

Cryptocurrencies like bitcoin use cryptography to secure transactions.

RBI Deputy Governor NS Vishwanathan said that the policy was in the making at an event in Kolkata Friday.

"I can't comment on a policy which is still in the making," he said responding to a query on whether RBI would encourage use of cryptocurrency.

RBI is in fact exploring a possibility of issuing its own fiat cryptocurrency while it is not comfortable with non-fiat or private cryptocurrency like bitcoin.

Last month RBI executive director Sudrashan Sen said that an internal group was exploring the possibility of issuing it while China has banned bitcoin exchanges a leading to sharp drop in cryptocurrency flows worldwide.

Source -
http://economictimes.indiatimes.com/articleshow/61067211.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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[onrise]

Does this mean that bitcoin is on the verge of getting banned as they said that they are not comfortable with bitcoin. Also if they are introducing their own coin then obviously they would not keep any other coin to be use by people so banning is of higher chances of this cypto currencies.

[newinbtc]

Does this mean that bitcoin is on the verge of getting banned as they said that they are not comfortable with bitcoin. Also if they are introducing their own coin then obviously they would not keep any other coin to be use by people so banning is of higher chances of this cypto currencies.

please wait for upcoming updates on this RBI news , Nothing is cleared by RBI still  they will not ban bitcoin they will use bitcoin as technology in future similar things

[boss1dg]

Does this mean that bitcoin is on the verge of getting banned as they said that they are not comfortable with bitcoin. Also if they are introducing their own coin then obviously they would not keep any other coin to be use by people so banning is of higher chances of this cypto currencies.

please wait for upcoming updates on this RBI news , Nothing is cleared by RBI still  they will not ban bitcoin they will use bitcoin as technology in future similar things

what you think when our govt and RBI will make a final stand on bitcoin and other currency ,, bcoz sometimes we get news of ban and sometimes we get news rbi own laxmi coin ...

[Cadxdesign]

India banned exchanges read here Economic times

Read this news
https://m.economictimes.com/markets/stocks/news/war-on-bitcoin-govt-panel-seeks-crackdown-on-crypto-currency-dealers-in-india/amp_articleshow/61450361.cms

[bitcoinisbest]

India banned exchanges read here Economic times

Read this news
https://m.economictimes.com/markets/stocks/news/war-on-bitcoin-govt-panel-seeks-crackdown-on-crypto-currency-dealers-in-india/amp_articleshow/61450361.cms

I am not actually much surprised by the decision because as far as govt is concerned if anything its not in their control they will not threw any weight on that. So I think ban might be in place though everyone wanted it to be legalized max but government is one who decides and have final authority .

Hope so something still can be workaround it will be great.

[dvabit]

Govt of India is still developing its own block chain.

[RahulRana]

Reserve Bank of India said that , The bank has working on the cryptocurrency policy on had branch Kolkata.

[onrise]

Reserve Bank of India said that , The bank has working on the cryptocurrency policy on had branch Kolkata.

Just to let you know in the last week itself RBI has clarified it that btc will not be used in the banking system in India. So no banks will use btc in the banking channel going forward. Now only thing possible if country issue thier own currency an bank start to use that currency via block chain technology.

[ProjectVidhai]

Reserve Bank of India said that , The bank has working on the cryptocurrency policy on had branch Kolkata.

Just to let you know in the last week itself RBI has clarified it that btc will not be used in the banking system in India. So no banks will use btc in the banking channel going forward. Now only thing possible if country issue thier own currency an bank start to use that currency via block chain technology.

When the government preaches "Digital India", why not Cryptos ? is that because politicians can't make money with "no brain" for it? instead of hiding from the technology, what needed is a regulatory to suit Indian economy and developing proper channels to arrest Tax evasion.
Even if they ban Crypto's or Trading platform's in India, there is a plenty of open market to play with Crypto's around the world which will end up in so called "Black Money"