Reserve Bank of India Governor, Raghuram Rajan, Speaks about Bitcoin

[infonetenergy]

We would also love to see people be able to buy food from their favourite grocery store with bitcoin.  Let's make it happen!  Which grocery store should we approach?  I'm guessing an online, nation-wide, grocery store may make the most sense.  They could use Unocoin's merchant gateway to process their orders.  By processing their orders through Unocoin, the business can have their clients' bitcoin turned into INR deposited into their bank account in less than 24 hours. 

Let's get a list together of all the merchants we would like to see accepting bitcoin in 2015.  I'll get it started...

1)  Airtel
2)  Flipkart
3)  Ola
4)  Cleartrip
5)  ?

See here for more details:  https://www.unocoin.com/merchants

Would unocoin be contacting these guys and asking them to accept bitcoin?
If they accept it, it would be a world wide revolution and bitcoin price will actually go up because then people will start using btc as an actual currency! This would also bring a lot of demand for bitcoin in India.

I would like to see these guys accepting btc too:
5) Shopkeeper near my home
6) Big Bazaar
7) The Mobile Store
Everyone

I like your enthusiasm.  Before we start a world wide revolution, let's begin with India. 

Let's systematically approach all of these companies in 2015.  Its time we put India on the bitcoin map!  If we see that there is a market need for any one of these companies to accept bitcoin, perhaps we can all approach them together, like at the same time.   

I put together this google spreadsheet to keep track of all the companies that we're bringing up here:  http://bit.ly/1wX9Fcc

Please keep the suggestions coming. 

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[infonetenergy]

A reasonable view of the situation.

We would like them suddenly declare they are all for Bitcoin, we have to understand that they can't take decisions lightly. Besides, when the warning was issued last time, I thought it was not so bad, after all if it made some Indians stay away from investing at that time, it saved their money. So in hindsight they made the correct announcement.

Mr. Rajan has an uncanny ability to predict things in financial world, before the rest of the world. He also predicted 2008 recession while serving at IMF, while everyone opposed him.

I agree, Mr. Rajan has exceptional foresight.  The fact that he's saying that we will be moving towards a cashless society in the context of bitcoin is very noteworthy. 

[arvindr]

Oh well done the smart student!!
I am actually shocked to hear this. I didn't know that governor knew about bitcoins.
He is a wise man, he understand the potential of things and takes steps after giving lot of thought.
Hope we keep on getting such positive results.

Being from the financial background.He would probably would have known about bitcoins.
Nice to hear, he didn't just reject it, but supported new technologies coming up in the future.

[RocketSingh]

The youtube video in OP is not working...

https://www.youtube.com/watch?v=ABL_ttJjST8&t=22:35

[infonetenergy]

The youtube video in OP is not working...

https://www.youtube.com/watch?v=ABL_ttJjST8&t=22:35

just fixed/edited it, it should be working now. 

[legendster]

I didn't know that governor knew about bitcoins.

I had a small conversation with K C Misra in 2013 who is now retired as the general manager of RBI. So rest assured, it is undoubtedly clear that RBI officials at high levels are well aware of Bitcoins and its usage in India.

[Fernandez]

I didn't know that governor knew about bitcoins.

I had a small conversation with K C Misra in 2013 who is now retired as the general manager of RBI. So rest assured, it is undoubtedly clear that RBI officials at high levels are well aware of Bitcoins and its usage in India.

Oh no, are they tracking me?

I wonder if they are looking at individuals and tracking their assets. I haven't put any cash into it yet partly to stay away till it gets on a sound legal footing.

[polynesia]

I didn't know that governor knew about bitcoins.

I had a small conversation with K C Misra in 2013 who is now retired as the general manager of RBI. So rest assured, it is undoubtedly clear that RBI officials at high levels are well aware of Bitcoins and its usage in India.

Oh no, are they tracking me?

I wonder if they are looking at individuals and tracking their assets. I haven't put any cash into it yet partly to stay away till it gets on a sound legal footing.

No concerns until the IT department gets involved. 
Right now, it is only the RBI....

[sidhujag]

Bitshares solves the volatility issue with pegged assets and vitalik likes seignorage type system which creates wrong incentives.. However watch out for bitshares and maybe the governor can be directed at it to see if it solves all of the problems they are worried about.