Reserve Bank of India Pressed for Clarification on Virtual Currency
Indian bitcoin enthusiast Venugopal Badaravada has pressed the Reserve Bank of India (RBI) for clarification after the regulatory body issued a virtual currency warning on 24th December 2013. Cyber law consultant, Na 'Naavi' Vijayashankar, who is based in Bangalore, made the representation to the RBI on behalf of Badaravada. "What we have [said to] the RBI is that they cannot leave the question of acceptance of bitcoin hanging. Whether the RBI agrees to accept it, or they are opposed to the concept of bitcoins, is something they need to clarify," Vijayashankar said. The December advisory....
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Reserve Bank of India seal, featuring Shere Khan. The RBI (Reserve Bank of India) just issued a caution against Bitcoin. The announcement can be viewed on their official website. The full text is as follows: The Reserve Bank of India has today cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to. The Reserve Bank has mentioned that it has been looking at the developments relating to certain electronic records claimed to....
There has been a flurry of central bank activity recently spewing advice and cautioning citizens about virtual currencies like Bitcoin. First, it was PBOC and now the recently, the Reserve Bank of India (RBI), India’s central bank has come up with a press release that warns Indians about the dangers of dabbling in virtual currencies. RBI cautions holders and traders of Bitcoin. On Feb. 1, 2017, the Reserve Bank of India posted a brief press release on their website saying, “The Reserve Bank of India had cautioned users, holders and traders of Virtual Currencies (VCs), including Bitcoins,....
The Reserve Bank of India has recently issued a notification against the use of Bitcoin, stating various risks associated with it. The traditional banking and financial sector is filled with hypocrites. On one hand, these institutions want to implement the distributed ledger technology introduced by Bitcoin, whereas on the other they don’t want to accept Bitcoin for what it is. The Reserve Bank of India has just proven it by issuing a warning against the use of Bitcoin. It is the second such warning against Bitcoin issued by the Reserve Bank of India. The recent notification follows the....
India’s central bank, the Reserve Bank of India (RBI), is working on a “phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency.
India’s Central Bank Digital Currency to Be Implemented in Phases
A Reserve Bank of India (RBI) official and the minister of state in the Ministry of Finance have independently provided an update on the central bank’s progress in issuing a....
With a public statement, India’s central bank, the Reserve Bank of India (RBI), has – once again – said it has not authorized any use of virtual currencies like bitcoin among companies or individuals in the country. In a public release on its website, the RBI has stated: The Reserve Bank of India advises that it has not given any licence / authorization to any entity / company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader etc., dealing with virtual currencies will be doing so at their own risk. India’s financial regulator....