Reserve Bank bars bitcoin trading

Digital Currency Related-Companies Turning To Indian Due To Ads Bans

The war against Bitcoins has turned on its head as the Reserve Bank of India on Thursday urged all banks that are regulated by it to stop providing services to accounts that are involved with cryptocurrencies and its transactions. These steps are taken to ensure that the innocent traders do not fall prey to any company's vested interests of duping people off their money.

Following the announcement by the Central Bank of India, a petition was filed on change.org by an unverified user, to change the way Indian government handles the matter of virtual currencies.

Technically, neither the RBI nor the government has banned digital currencies. "More Indian crypto exchanges and traders might also see moving to other countries as a viable option in the coming days", said Hesham Rehman, CEO and co-founder of Bitxoxo, speaking to The New Indian Express.

It is hard to guess right now. nonetheless, this buzz did impact the price of Bitcoin because after the news released recently, the price of Bitcoin went down from $7400 to $5400, which is a huge loss for those who are looking forward to a brighter future with the help of this coin. The RBI is also exploring issuing its own digital currency as part of its efforts towards financial inclusion.

The Reserve Bank of India (RBI) has effectively banned any dealings in cryptocurrency via banks or e-wallets in the country stating "dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies".

India's central bank has announced a ban on the sale or purchase of crypto-currency.

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The cryptocurrency was trading near $6,887 as of 10:20 a.m. Thursday. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.

Meanwhile, RBI is exploring the creation of its own cryptocurrency. The report will be submitted by end-June 2018, he added.

"Several central banks are debating the possibility of introducing a fiat digital currency".

It observed, "Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system".

In an effort to reduce corruption, Indian authorities in 2016 said they would withdraw all 500 and 1000 rupee banknotes from use-rendering some 85% of all currency in circulation worthless overnight, unless deposited at a bank.

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