Indian Govt to Ban Bitcoin and other crypto currencies
Crypto-currencies may be one of the most intriguing subjects in the world of finance right now but they have failed to impress India’s central bank.
In a fairly definitive expression of its stance, a director of the Reserve Bank of India (RBI) has signalled that virtual currencies like bitcoin won’t be allowed in the country. “Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end,” said S Ganesh Kumar, executive director of the RBI, at a conference in Mumbai on Nov. 06.
Kumar’s comments are likely to end much of the speculation over the legitimacy of virtual currencies in India. However, blockchain technology, which underlies these virtual currencies, has significant potential, added Kumar. Banks in India are already relying on blockchain to enable overseas transactions, international remittances, and other processes.
For a few months now, talk about the government curbing the use of crypto-currencies has gained momentum, although an official notification to ban their use is still awaited. The RBI had earlier hinted at the possibility of India having its own crypto-currency, backed by the central bank, adding that it lacked confidence in existing virtual currencies that are privately held.
In August, a finance ministry panel also reportedly recommended that virtual currencies should be banned in the country because of their potential misuse for money laundering and fraud. Among other reasons, the soaring price of bitcoin has made the government uneasy. On Nov. 06, for instance, a single bitcoin was worth Rs4.92 lakh ($7,610.80), more than twice its value three months ago.
The crypto-currency ecosystem in India is very small: Bitcoin is accepted at only a few restaurants, and some virtual currency exchanges allow users to make payments for books or movie tickets. It is mainly being used as an investment option.
Unsurprisingly, participants in India’s virtual currency trade are displeased. “We will do our best to continue with our efforts to educate the government about crypto-currencies,” said Sandeep Goenka, co-founder of Zebpay, a bitcoin exchange. “It can be useful for India by turning the country into a fintech hub, to increase financial inclusion, and there are several other benefits of it.”
From the archives
Delhi under Smog:
https://c3k93.app.goo.gl/i/KXEnp
Making of an Adventure Tourer: https://steemit.com/travel/@thenomadictales/making-of-an-adventure-tourer-crash-guards-and-fog-lamps-finally-installed-2017112t91148801z
Read About Andes Survivors? Read On: https://steemit.com/writing/@thenomadictales/survival-instincts-put-to-the-test
Bitcoins will touch peak: https://steemit.com/bitcoin/@thenomadictales/tie-your-seat-belts-we-are-heading-for-a-ride-to-8400usd-2017115t18322864z
For tea lovers: https://steemit.com/food/@thenomadictales/sometimes-all-you-need-is-that-perfect-cup-of-tea-2017115t232731625z
Needless to say if you like my post then please upvote, resteem and follow my profile@thenomadictales. Cheers
upvoted
Thank you
more than welcome
I don't think it would be easy to ban in India.
True specially when there are so many corporate majors who's invested in crypto.
Govt can't afford to disappoint such an investment especially when we are promoting how easy it is to invest in our country
But well, it's the easiest way to channelize black money and/or evade taxes these days. :)
I think some illiterate politicians here don't know about Bitcoins.
And those who know have already stacked billions. Far far easier, safer, and accessible than a swiss bank locker, and huge huge ROI when the price goes up.
Let's not give hints to our govt.
It's an open secret. :)
Those who know are already doing!
Hello & Cheers!! I'm a content detection and information bot. You are receiving this reply because a short link or links have been detected in your post/comment. The purpose of this message is to inform your readers and yourself about the use of and dangers of short links.
To the readers of the post: Short links are provided by url shortening services. The short links they provide can be useful in some cases. Generally their use is benign. But as with all useful tools there are dangers. Short links can be used to hide all sorts of things. Quite frequently they are used to hide referral links for instance. While not dangerous this can be deceptive. They can also be used to hide dangerous links such as links to phishing sites, sites loaded with malware, scam sites, etc. You should always be extremely cautious before clicking on one. If you don't know and trust the poster don't click. Even if you do you should still be cautious and wary of any site you are sent to. It's always better to visit the site directly and not through a short link.
To the author of the post: While short links may be useful on some sites they are not needed on steemit. You can use markdown to format your links such as this link to steemit. It's as simple as
[steemit](https://steemit.com)
Unlike short links this allows the reader to see where they are going by simply hovering over the link before they click on it.Congratulations @thenomadictales! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Award for the number of posts published
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOP