India again thinks about the ban of cryptocurrencies
The head of the Reserve Bank of India, Ganesh Kumar, answering questions from the audience during a banking conference in Mumbai, once again outlined the position of the country’s government, which considers the use of bitcoin in India undesirable, but sees a number of advantages in blockchain technology. Writes about this Moneycontrol News.
“Our current position on bitcoin is that we will not use it for any payments or settlements, although the technology underlying cryptocurrencies will continue to evolve,” he said..
Moneycontrol News notes that the political situation in the country is not developing in the best way for bitcoin, and quotes other words of Kumar: “Any user, holder, investor, trader, etc., working with cryptocurrencies does it at his own peril and risk, about which previously reported by the parliamentary finance committee “.
In turn, Quartz India writes: “For several months, talk about restricting cryptocurrencies in the government has been gaining momentum, although the official message about the ban on their use has not yet been published.”.
Quartz also reports that the inter-ministerial finance ministerial group this summer recommended banning the use of virtual currencies, as they can be used for money laundering and fraud..
“India’s cryptocurrency ecosystem is very small: Bitcoin is accepted in only a few restaurants. Several virtual currency exchanges offer their users to use it to buy books and movie tickets. First of all, it is the subject of investment, ”writes Quartz.
Meanwhile, a spokesman for India’s largest exchange, Zebpay, said: “We will do our best to raise the government’s awareness of cryptocurrencies. [Bitcoin] has the potential to transform India into a fintech hub and has many other benefits. “.