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Author Topic: Governor of the central bank of India is speaking positively on Bitcoin  (Read 2211 times)
newIndia
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December 28, 2014, 08:20:02 PM
 #1

Dr. Raghuram Rajan, governor of the Reserve Bank of India, has replied a few questions regarding bitcoin in an interview. I think, as a leader of country's central bank, his approach is +ve about bitcoin.

http://youtu.be/Mu97yGzO_ok?t=22m35s

If the YouTube video does not work for you, check the following link. Please fast forward to 22m:30s.

http://www.ndtv.com/video/player/india-forecasts/indian-stock-markets-not-in-a-bubble-raghuram-rajan-to-ndtv-s-prannoy-roy/349983
 
Transcript Below...

interviewer:  "anybody here plan to go into eCommerce?"
student:  "My question is not exactly related to eCommerce, but to a more important topic of bitcoins."
governor:  "nothing is more important than eCommerce."
interviewer:  "oh no, bitcoin is fascinating, let's tackle that."
student:  "reading your book 'fault lines', it comes out as you are somebody who is not pro government intervention.  Being from the Chicago School of Thought, you propagate more free markets.  So I want to know, bitcoin has specifically very good advantages for a developing nation.  So, I want to know, what is your view as a regulator on free banking, and having more of equitable currencies floating in the market?"
governor:  "See, I think we're still watching the evolution of these kinds of currencies, one of the problems that we envisaged with bitcoin, one of course was security issues and you've seen that they're not as secure as people thought they were and there have been stolen bitcoins and so on. But the second issue was the fluctuation in value. For money, you require something called a stable store of value and something that fluctuates so much is less effective in use as money. There are some lessons to be learned from the technologies that bitcoin has employed, some of them are useful, some of them are worrisome. And uh, we have to see how we take on board such technologies. I have no doubt that down the line, we will be moving towards primarily a cashless society and we'll have some kind of currencies like this which will be at work. For us at the Reserve Bank, this may happen in 10 to 20 years from now, but we'll have to figure out how we make money because the way we generate most of our revenue is through forms of seigniorage. People are willing to hold currency free of interest and that's how we make money, but we'll figure that out. But I think these virtual currencies will certainly get much better, much safer and over time will be the form of transaction, and that's for sure."
interviewer: "and India will adopt them at some point?  we're not going to reject them out of hand?"
governor: "you know, in a sense, credit cards are already performing some of that role.  The amount of rupees that flow through your hands I presume are far less than used to before credit cards.  So this is going to go all around, you'll have near field devices which you just tap and go.  I mean, all that we want to permit.  
interviewer:  "you want to permit?"
governor:  "yes, we want to permit.  I mean we're not saying we're going to lose money therefore we won't do it, we'll find some other way of getting money, maybe the government will fund us eventually."

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December 28, 2014, 08:58:40 PM
 #2

We are in the phase where bitcoin is seeping into the subconscious of many.

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December 29, 2014, 09:11:22 AM
 #3

I like the fact that the head of RBI is speaking positively on Bitcoin.

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December 29, 2014, 10:37:57 AM
 #4

I 100% agree with everything he says, the amount of fluctuation revolving around BTC is ridiculous, I would rather the price drop to $100 and be stable rather than $1000 and unstable.

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December 29, 2014, 11:16:11 AM
 #5

The governor is open minded about bitcoin, not quite speaking positively about It. He is more interested in credit card payment with NFC.

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TrailingComet
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December 29, 2014, 12:12:16 PM
 #6

I imagine this is Raghuram Rajan, he used to be an academic at the University of Chicago
A smart, progressive man by all accounts

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December 29, 2014, 12:15:02 PM
 #7

Great! While he highlighted the weaknesses of bitcoin but in the end overall he gave a positive outlook on the future of bitcoin.

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December 29, 2014, 12:25:29 PM
 #8

It's great and very unusual that man in such position, representing central bank, speaking positively on Bitcoin.
I would think that bankers will never accept bitcoin idea of decentralization, and no bank or central office behind, but I'm happy that I'm wrong at least with this great guy!
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December 29, 2014, 02:51:13 PM
 #9

everyone talks of China having over a billion people

India has too

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December 29, 2014, 04:08:00 PM
 #10

Just like every new thing in needs to earn trust. Remember when everyone was afraid to use a credit card online?

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December 29, 2014, 04:11:05 PM
 #11

I thought India was super against Bitcoin. What happened?

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December 29, 2014, 04:48:00 PM
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I thought India was super against Bitcoin. What happened?

India was not super against Bitcoin, just smart enough not to buy on a bubble and allow the Western geeks a chance to cash out, like the Chinese did.

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December 29, 2014, 04:48:51 PM
 #13

This is great. If BTC can spread to more populous countries like India/China than it's sure to grow.
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December 29, 2014, 04:51:36 PM
 #14

these are really good news but I don't know if it could be easy to implement in india
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December 29, 2014, 06:11:17 PM
 #15

I imagine this is Raghuram Rajan, he used to be an academic at the University of Chicago
A smart, progressive man by all accounts

In case if someone does not know over here, Dr. Rajan is an electrical engineer from IIT. So, to understand bitcoin, he does not need to rely on what is being briefed to him or being reported in the media. He can understand it directly from the bitcoin whitepaper.

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December 29, 2014, 07:04:41 PM
 #16

wow, I hope we can see a more expanded bitcoin acceptance in India soon

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panju1
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December 30, 2014, 12:15:18 AM
 #17

Dr. Raghuram Rajan, governor of the Reserve Bank of India, has replied a few questions regarding bitcoin in an interview. I think, as a leader of country's central bank, his approach is +ve about bitcoin.

This is great news. A push from emerging economies like China and India can do wonders to Bitcoin adoption.
As we have seen from m-Pesa in Kenya, poor infrastructure and low banking penetration can result in people being open to new technologies.

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December 30, 2014, 06:06:54 PM
 #18

I thought India was super against Bitcoin. What happened?

India was not super against Bitcoin, just smart enough not to buy on a bubble and allow the Western geeks a chance to cash out, like the Chinese did.

In fact, we saved a lot of money because the RBI notice about bitcoin came on time. We would have lost a lot of money by now, if they did not make us aware about the downside of the bubble. Now, as I hear +ve words from the governor, I feel more confident to invest in Bitcoin.

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December 30, 2014, 06:09:46 PM
 #19

wow this is great Smiley

I hope more and more are using bitcoin, and bitcoin prices will increase and stable Smiley
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December 30, 2014, 11:10:02 PM
 #20

I thought India was super against Bitcoin. What happened?

Im not sure if anyone is against it as of now.! I'd say most of them r naive about it.!
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