According to the Latest News RBI have decided to take some serious steps against Virtual Currency but on the other hand, Government tries to introduce their own new Currency confirm by Business-Standard. As per the news, RBI has decided to Shutdown Deposit and Withdrawal from Bitcoin Exchanges and Banks. RBI has listed that all the bitcoin holders have 90 Days to settle down their Virtual Currencies.
Here the Big question in all the Indian people/Bitcoin Investors is that While most of the countries are adopting CrCurrenciesncies and why India is Banning VCs? There are many reasons behind it. Let’s see some important Points/steps taken by RBI on April 5-2018:
According to the Business-Standards Website:
The Reserve Bank of India (RBI) is considering issuance of its own virtual currency (VC) while instructing financial institutions to refrain from and cut off business relations with private entities that are dealing with virtual currencies.
Several central banks all over the world are debating the introduction of a fiat digital currency as opposed to the private digital tokens, which are growing in popularity, said the RBI. This currency will be issued by the central bank and constitutes the liability of the central bank. Digital currency, if issued, will be in circulation in addition to the paper currency and holds the promise of reducing the cost of printing currencies, said the central bank.
The RBI, however, has frowned upon private cryptocurrencies and ring-fenced regulated financial entities from entities dealing in these digital currencies. The financial entities by the RBI are instructed to stop having a business relationship with entities dealing with virtual currencies forthwith and unwind existing relationship within a period of three months.
“Digital tokens by private currencies have been getting attention worldwide for their speculative value. While regulatory responses to this token currency are not uniform internationally, it is universally felt that they can seriously undermine the AML(Anti-Money Laundering) and FITF ( Financial Inclusion technology Fund) framework, adversely impact the market integrity and capital controls. If they grow beyond a certain size, they can endanger financial stability as well,” said B P Kanungo, Deputy Governor, RBI.
Reserve Bank had repeatedly cautioned users, holders and traders of virtual currencies, including bitcoins, regarding various risks associated with dealing with private virtual currencies previously. The central bank, however, acknowledged the potential benefits of the underlying blockchain technology and said that it should be utilised to benefit the economy.
So, Guys what you think about this Decision of Indian Government? Kindly share your opinion comment section whether Crypto should be BAN or it should be regulated by Government? Share and Support CRYPTO.