The Reserve Bank of India Has No Plans to Regulate Bitcoin
Last week the Reserve Bank of India (RBI) issued a public notice warning users to stay away from digital currencies. It made it clear that Indian bitcoin exchanges lack the regulatory approval needed to exchange digital currencies for rupees and other national currencies. Local exchanges were quick to suspend operations, but that was not enough. Within 48 hours of the RBI notice, India's Enforcement Directorate (ED) raided at least two bitcoin exchanges, buysellbitco.in and rbi.rbit.co.in, owned by Nilam Doctor. Investigators questioned the owners of both sites in an effort to ascertain....
Related News
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.....
A number of Indian Bitcoin companies have come together to form the Digital Asset and Blockchain Foundation of India (DABFI). Bitcoin has been remarkably gaining ground in India after the botched up demonetization carried out by the Indian government in November 2016. According to the Times of India, Nishith Desai Associates, an international law firm has been hired to develop “self-regulations” for the industry. No clear regulatory framework in place. The new for self-regulation for the industry arises primarily because there is still no clarity on the legal status of Bitcoin in India. As....
A deputy governor of India’s central bank, the Reserve Bank of India (RBI), likens cryptocurrencies to Ponzi schemes, emphasizing that they cannot be regulated. “It would be futile to regulate cryptocurrencies,” he claims, stating that they should be banned. RBI’s Deputy Governor Sees Crypto Ban as ‘the Most Advisable Choice Open to India’ A deputy governor of the Reserve Bank of India (RBI), T. Rabi Sankar, shared his view on cryptocurrency and what Indian crypto policy should be during his keynote address at the Indian Banks Association 17th....
India’s central bank, the Reserve Bank of India (RBI), has expressed concerns that cryptocurrencies could lead to the dollarization of a part of the Indian economy. “It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country.” RBI’s Crypto Warnings and....
India is reportedly working on a new way to regulate cryptocurrencies. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,” according to a report. How India Will Regulate Cryptocurrencies India is reportedly planning to regulate cryptocurrencies as commodities based on use cases. “The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases,”....