A press statement that says that Bitcoin and other cryptocurrencies are officially banned in India was released by the Central Bank of India, Reserve Bank of India (RBI). Besides this, they declared that they will be launching their own fiat currency.
RBI will be introducing their Central bank of digital currency with the single responsibility to handle and regulate the fiat currency. The complete report will be submitted by end-June 2018.
The Central Bank said that enterprises regulated by RBI will not be dealing with or offer services to any cryptocurrency-related business or individual effective immediately due to the risk it possesses. A three-month notice period will be given to stop providing services for entities that are already offering services related to cryptocurrencies.
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 Digital Currency, 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 footsteps of China. I think they want to beat China in everything, the population, the pollution and now banning.”
Two months ago, the Finance Minister, Arun Jaitley, stated regarding the same leading to speculations about the Indian Bitcoin banning. He said:
“The government does not recognize cryptocurrency as legal tender or coin.”
In the last 24 hours, according to the data of CoinMarketCap, Bitcoin price has decreased more than 5% and is currently trading at $6693 with a market cap of $113 billion.