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November 13, 2018, 08:10:10 AM |
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India is a beautiful mess!!
On the one hand the government knows that they must promote the newer technologies to attract companies and investment. The RBI (Central Authority governing Monetary policy) on the other hand wants to curb cryptocurrencies seeing that they can be used to circumvent the available fiat-network. Well the RBI is not wrong in thinking as Cryptocurrencies in the current format do risk the possibility of terrorism funding, Money laundering and other financial crimes. The RBI has taken the step of banning bank accounts in India until they are able to study it and create the proper regulatory framework for its use in India. As per my knowledge, the government doesn't want to ban cryptos in India, rather it wants to create a regulatory framework which makes it fraud/scam/crime resistant. Moreover, they are actively engaging with blockchain experts to understand and build systems for government schemes, documentation, land record and other use cases. The present administration is very pro-active in terms of realizing the need to invest in future technology. We can expect a framework in the upcoming months. Yeah, the decision to not allow banks to engage with crypto companies has been a shock but I think that we are still marching forward. They have not made it illegal to hold crypto, which makes P2P network viable. Let us hope for the best. Their is still a long road to cover in terms of blockchain development and I think Indians and India will definitely play its part.
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