The Central Bank of India (RBI) has issued a statement saying that Bitcoin and other criptomoedas are officially banned in India. Along with this statement, they went ahead to say that they will launch their own fiduciary currency.
The RBI will present its own digital currency central bank, whose sole responsibility will be to treat and regulate fiduciary money. The full report will be submitted by the end of June 2018.
In the official statement, the Central Bank states that entities regulated by the RBI will not be dealing with or rendering services to any company or individual that is dealing with crypto derivatives with immediate effect due to the risk that it has. The RBI will provide a 3-month notice period to stop providing services to entities that already provide services related to virtual currencies.
Statement issued by the RBI on Bitcoin ban
Nitin Kania, a consultant and cryptomaniac enthusiast says:
"The RBI has just screwed up all the Indian investors in crypto-currencies. Why can not we find solutions instead of forbidding everything? Cum."
Athreya, an Indian cryptomaniac enthusiast says,
"It's a step back in the quest for innovation in virtual payments. Hundreds of different securities and exchanges occur formally and informally in the payment and financing space in India. Banishing a digital form of virtual currency prevents innovative solutions and disruptive payments. "
Kavitha, a financial advisor says:
"The RBI movement is staggering. On one side is Narendra Modi propagating on Digital India and on the other side, there are RBI banning Bitcoin, which is as digital as possible. "
A lawyer for Blockchain in India says:
"It is not ironic that the RBI is testing the viability of the cryptomeoid itself, but not allowing entities controlled by it to deal with crypto-coins and Bitcoin. Do we deserve a PIL here?
Two months ago, Finance Minister Arun Jaitley had made a statement about it leading to speculation that Bitcoin was banned in India. His exact words were:
"The government does not recognize criptomoeda as legal currency or currency"
The RBI will present its own digital currency central bank, whose sole responsibility will be to treat and regulate fiduciary money. The full report will be submitted by the end of June 2018.
In the official statement, the Central Bank states that entities regulated by the RBI will not be dealing with or rendering services to any company or individual that is dealing with crypto derivatives with immediate effect due to the risk that it has. The RBI will provide a 3-month notice period to stop providing services to entities that already provide services related to virtual currencies.
Statement issued by the RBI on Bitcoin ban
Nitin Kania, a consultant and cryptomaniac enthusiast says:
"The RBI has just screwed up all the Indian investors in crypto-currencies. Why can not we find solutions instead of forbidding everything? Cum."
Athreya, an Indian cryptomaniac enthusiast says,
"It's a step back in the quest for innovation in virtual payments. Hundreds of different securities and exchanges occur formally and informally in the payment and financing space in India. Banishing a digital form of virtual currency prevents innovative solutions and disruptive payments. "
Kavitha, a financial advisor says:
"The RBI movement is staggering. On one side is Narendra Modi propagating on Digital India and on the other side, there are RBI banning Bitcoin, which is as digital as possible. "
A lawyer for Blockchain in India says:
"It is not ironic that the RBI is testing the viability of the cryptomeoid itself, but not allowing entities controlled by it to deal with crypto-coins and Bitcoin. Do we deserve a PIL here?
Two months ago, Finance Minister Arun Jaitley had made a statement about it leading to speculation that Bitcoin was banned in India. His exact words were:
"The government does not recognize criptomoeda as legal currency or currency"