Despite Public Warning, India Has No Plans to Regulate Bitcoin
Despite a recent public advisory that made headlines warning Indian citizens of bitcoin perils and pitfalls, the country has no plans to establish regulation of the digital currency, according to KC Chakrabarty, deputy governor at the Reserve Bank of India (RBI). The news doesn't come in a positive light, however. RBI has no plans to establish regulations on the bitcoin economy not because they see promise in bitcoin, but because they don't completely understand it. "Regulation comes only when people are doing certain business and we come to understand that something wrong is happening.....
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By now, we have already heard that both China and France have issued public warnings against digital currency bitcoin. The next country that might jump on to the bandwagon is India, according to an IndiaTimes report. The concern is the very selling point of bitcoin - the fact that it isn't regulated or controlled by a central authority. In addition, officials think the public are subject to being scammed (as if to say the whole bitcoin ecosystem is a ponzi scheme). "At least a public advisory may be issued soon to warn against possible risks associated with Bitcoins," said a senior....
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Just recently, RBI deputy governor KC Chakrabarty offered a statement regarding Bitcoin regulation in India. "Regulation comes only when people are doing certain business and we come to understand that something wrong is happening. First of all we don't understand this subject... But, at present, what we are saying is neither we regulate them nor we support them...Whether it is... legal or illegal, we don't know. If it crosses the limit of legality then people may face a problem. So people should be cautious, should understand." There are simply so many things wrong with this statement.....
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