Reserve Bank of India (RBI) Not comfortable with Bitcoin

in #crypto-news • 7 years ago

India is a hot place for Bitcoin. Everyday 2500 Indians are investing in Bitcoins. This data shows the interest of Bitcoin in India. Recently, Indian Bitcoin exchange company Unocoin tied with world most popular hot wallet service blockchain.info. It is learned that among 16 million accounts in Blockchain, 1 million accounts are coming from India

RBI is not comfortable with Bitcoin

Recently Executive Director of Reserve Bank of India said that he is not comfortable with non-fiat cryptocurrencies like Bitcoin. But RBI is interested in fiat cryptocurrencies. RBI has given the legal status to the fiat cryptocurrencies but not interested in Virtual currencies.

Fiat Currency is an alternative to Indian Rupee

Executive Director, RBI mentioned that Fiat Currency is an alternative to Indian Rupee. RBI will issue fiat crypto currency soon. One does not need to carry physical coin. Instead they can carry RBI version of fiat cryptocurrencies.

Bitcoin is susceptible to misuse

RBI is concerned about the misuse of bitcoin or any other virtual currencies. A parliamentary panel voiced their concern on bitcoin. Vested group can misuse the virtual currencies

Does India will ban Cryptocurrencies?

It is not sure till now. But analyzing the comments of executive director of RBI, It is clear that they will put some restrictions or create some regulation to prevent the misuse of virtual currencies.

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#crypto #india #cryptocurrency #bitcoin
7 years ago in #crypto-news by
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     7 years ago 

    Quote "every 2500 indians" ?! Have no sense

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     7 years ago 

    This post has received a 11.15 % upvote from @buildawhale thanks to: @steemero. Send 0.100 or more SBD to @buildawhale with a post link in the memo field to bid on the next vote.

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