The Reserve Bank of India Calls for a Cashless Society, Issues Warning against Bitcoin
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....
Related News
India has been a little slower than many Western - and indeed Asian - nations in its adoption of digital currency, but it looks as though we are finally seeing some movement in the right direction. In a television interview released earlier today, Raghuram Rajan, Gov of the reserve bank of India, voiced is opinion on bitcoin and its likely future in India. Seemingly in strong support for bitcoin adoption, the governor responded to a question from the audience of the television programme being filmed. He had this to say: I have no doubt that down the line, we will be moving towards....
The Deputy Governor of the Reserve Bank of India announced the central bank's intention to set up a blockchain committee to reduce the usage of currency notes. India is one of the largest cash dependent nations in the world. A majority of people in the world’s largest democracy have the tendency to use cash for most of the transactions. This has created a challenge for the Indian central bank —The Reserve Bank of India to maintain the liquidity in the country’s monetary system. In order to ensure there are enough bank notes to go around, the premier bank is forced to print more currency....
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....
How do you take the hatchet to one of the fastest growing economies in the world? Simple: Remove 86 percent of the circulating currency and call it an anti-corruption measure. Prime Minister Modi of India and his sidekick Urjit Patel, governor of the Reserve Bank Of India, seem to have gone ahead and done just that. Now that you don’t have any circulating cash, hey presto, you have a cashless economy. Welcome to the brave new India. Cashless economy ahoy! Indians are discovering that without their familiar Rs.500 and Rs.1000 banknotes that made up nearly 86 percent of all circulating cash,....
This is the year that eCommerce will see big development in India. Morgan Stanley Research reports a 50% increase from last year. They rank India as the 10th largest economy in the world, with a forecasted GDP growth of around 5.5%. The National Payments Corp of India is projected to make e-commerce dealings easier by enabling micropayments and person-to-person payments. They will use a unified payment interface (UPI). In India, this UPI is one of many innovations taking place in the financial sector that will benefit the customer, and will help make India a cashless society, says Reserve....