Indian central bank, RBI steps to shut down bit coin, Crypto currencies

MUMBAI: As official from RBI (reserve bank of India) director has drawn a line on the central bank’s current stance on Bitcoin, stating the authority isn’t interested in adopting the crypto currency. Crypto – currencies have targeted, almost impressed all round the world but seems to have fail Indian Central Bank authority (RBI). A perfect step to draw attention RBI S Ganesh Kumar executive director, has signaled that virtual currency like bitcoin won’t be allowed in the country saying” Our current position on bitcoin is that we will not be using it for any payments and settlements… though the technology underlying crypto currencies will not end” was said in Mumbai though it raised much speculation over the legitimacy of virtual currencies in India. In a statement reported money control the officials stated: our current position on bitcoins is that we will not be using it for any payments and settlements ‘our current position on bitcoin is that we will not be using it for any payments and settlements though the though the technology underlying crypto currencies will not end”. However RBI is also researching fiat crypto currencies which will deliver a digital rupee as will be digitized version to India’s fiat currency. As per Kumar India Central Bank won’t using bitcoin for initiative shocked which revealed by Sudarshan sen viewed In regard  to non-fiat crypto currency we are not comfortable said at FIN TECH conference in September as Bitcoin for example being private crypto currency. As it being permeates being mainstream, gaining awareness and adoption in society, central bankers are increasingly fielding question about decentralized crypto currency which are independent state controls, as central banks around the world are working towards developing their own central bank-issued digital currencies, under their own control as like Singapore, China, Canada, and Russia are handful of them.

Although block chain technology, which underlines these virtual currencies have potential as Indian Banks are also relying on block chain to enable overseas transaction, international remittances, and other processes though it became talk of the month but still awaiting to the official announcements.  Signals are sent from Indian government to start its own crypto currency which backed up by Central bank. Other than potential misuse for money laundering and fraud, the soaring price of bitcoin was worth RS 4.92 lakh more than twice what it was three month ago.

As field of crypto currency ecosystem in India is very small with Bitcoin is accepted at make payments for books or movie tickets remain mainly being used as an investment option. As per a bitcoin exchange ZebPay co-founder Sandeep Goenka said ‘ We will do our best to continue with our efforts to educate the government about crypto currency, It can be used for India by turning the country into  a Fintech hub,  to increase financial inclusion, and there are several other benefits of  it’.

As the RBI’s official stance on bitcoin remains in public notice, but the recent boom in adoption – Indian Finance minister Arun Jaitley under lined a notable growth of the country’s bitcoin market this year has since led to Indian authorities establishing digital currency committee to develop a framework for the legal and regulatory future for crypto currencies in India reports as per PTI.