Reserve Bank of India Closely Examining Digital Currencies
A number of countries around the world are taking a close look at the use of bitcoin and other digital currencies, and India is no exception. It is being reported that the country's government on Tuesday said that the Reserve Bank of India (commonly known as RBI) is taking a close look at both the legal and security elements of digital currencies. "The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems....
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The Indian government has claimed that the Reserve Bank of India (RBI) is examining the legal and security ramifications of virtual currencies. The Hindu reported that Indian Finance Minister P Chidambaram made the following statement to the Rajya Sabha, India's Upper House of Parliament: "The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations." Last December, the RBI issued an....
Following suit behind a number of other governments, the Reserve Bank of India (RBI) has issues a public advisory regarding bitcoin, making citizens aware of the potential financial, legal, and security risks behind the digital currency. The advisory came to their conclusions following "examining the issues associated with the usage of virtual currencies" in comparison with already-established legal and regulatory framework. "The creation, trading or usage of virtual currencies including Bitcoins are not authorised by any central bank or monetary authority. As such, there is no established....
Last December, the Reserve Bank of India (RBI) issued a warning on digital currencies noting that the bank had not yet authorized any organisation in India to use cryptocurrencies as a method of payment. As a result, several bitcoin exchanges in India suspended operations, and at least two were raided by government officials, including Buysellbitcoin.in. Yet, just days later, a deputy governor of the RBI seemed reluctant to concede that it was the bank's job to regulate digital currencies. Soon after, one exchange, Unocoin, was back in operation. Additionally, around this time, Bitcoin....
New Delhi Television Limited, one of India's largest TV networks, aired a show featuring an interview with the Governor of Reserve Bank of India (RBI), Raghuram Rajan. The show, which was titled "India Forecast," gathered students from several local universities to ask the head of India's central bank various questions about the economy. Rajan said that Bitcoin "is fascinating." "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....
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....