India Under Bitcoin Regulation? Or Not?
Recently in December 2013, the Indian Central Bank (Reserve Bank of India, RBI) decided to not regulate, and stated clearly that they lacked expert knowledge on the subject at that time. So they cautioned people not to trade in Bitcoin or any other similar crypto-currency. A few days after, one exchange and a Bitcoin information (and dust holder) site....
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A director at the International Monetary Fund (IMF) says that crypto regulation is “certainly high on the agenda” for India. “We are trying to come up with global standards for #crypto asset regulations. I think that’s important for India to also adopt,” said the IMF official. IMF on Crypto Regulation in India Tobias Adrian, Financial Counselor and Director of the International Monetary Fund (IMF)’s Monetary and Capital Markets Department, discussed India’s crypto regulation in an interview with PTI Tuesday at the annual spring meeting of....
CoinDesk recently reported that the Reserve Bank of India's (RBI) governor and two of its deputy governors had discussed bitcoin during a banking conference held in August. During his speech, the RBI's deputy governor Shri R Gandhi addressed cryptocurrencies and crowdfunding, saying both had disruptive potential, but needed to be controlled in order to avoid undesirable consequences. As much as they were notable, Gandhi's comments were also relatively inconclusive and added to the ongoing uncertainty about bitcoin regulation in the country. This, however, was not the first time the Indian....
Nirmala Sitharaman, finance minister of India discussed the significance of crypto regulation with the managing director of the International Monetary Fund (IMF) Kristalina Georgieva. India has long focussed on the need for regulation along with global coordination with a mutually agreed approach to this issue. Sitharaman also mentioned that the IMF should take lead in terms […]
India’s finance minister has informed parliament that the central bank, the Reserve Bank of India (RBI), wants cryptocurrencies to be prohibited. However, she noted that “any legislation for regulation or for banning can be effective only after significant international collaboration.”
Indian Finance Minister on Crypto Ban and Regulation
Indian Finance Minister Nirmala Sitharaman answered some questions about cryptocurrency on Monday in Lok Sabha, the lower house of India’s parliament.
Parliament Member Thirumavalavan Thol asked the finance....
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.....