Bitcoin [BTC] banned in India – Reserve Bank of India releases an official statement

The Central Bank of India, Reserve Bank of India [RBI] released a press statement saying that Bitcoin and other cryptocurrencies are officially banned in India. Along with this statement, they went ahead to say that they will be launching their own fiat currency.

RBI will be introducing their own Central bank of digital currency whose sole responsibility will be to handle and regulate the fiat currency. The complete report regarding the same will be submitted by the end of June 2018.

Statement about Central Bank Digital Currency by RBI

Statement about Central Bank Digital Currency by RBI

In the official statement, the Central Bank says entities regulated by RBI will not be dealing with or provide services to any business or individual dealing with cryptocurrencies effective immediately due to the risk it possesses. The RBI will be providing a 3 months notice period to stop providing services for entities already providing services related to virtual currencies.

Statement issued by the RBI regarding Bitcoin ban

Statement issued by the RBI regarding Bitcoin Ban

Nitindo Kania, a consultant, and a crypto-enthusiast says,

“RBI just screwed all the Indian cryptocurrency investors. Why can’t we find solutions instead of banning everything. Fuck.”

Athreya, an Indian cryptocurrency enthusiast says,

“It’s a step back in the search for innovation in virtual payments. Hundreds of different securities and exchanges take place both formally and informally in the payments and finance space in India. Banning a digital form of virtual currency outright prevents innovation and disruptive payments solutions from cropping up”

Kavitha, a Financial Advisor says,

“The move by RBI is astonishing. One side there is Narendra Modi propagating about Digital India and the other side, there’s RBI banning Bitcoin’s which is as digital as it can get.”

Blockchain Lawyer, a Twitterati, a Blockchain lawyer in India says,

“Isn’t it ironical that RBI is testing the feasibility of own DigitalCurrency, but not allowing entities controlled by it to deal with cryptocurrencies blockchains bitcoin Do we deserve a PIL here?

Jitendra Shah, a Bitcoin, and Ethereum enthusiast says,

“First beef ban, now Bitcoin ban. India is losing it.”

Karthik Kumar, a Marketing Manager at a reputed firm says,

“India following the foot-steps of China. I think they want to beat China in everything, the population, the pollution and now banning.”

Two months back, the Finance Minister, Arun Jaitley had made a statement regarding the same leading to speculations that Bitcoin was banned in India. His exact words were:

“The government does not recognise cryptocurrency as legal tender or coin”

According to CoinMarketCap, Bitcoin has dropped more than 5% in the past 24 hours and is currently trading at $6693 with a market cap of $113 billion.

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