India's Government Claims the RBI is Examining Virtual Currencies
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....
Related News
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....
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....
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....
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....
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,”....