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RBI Bans Regulated Entities From Dealing In Virtual Currencies
India virtually banned cryptocurrencies like bitcoin with the Reserve Bank of India barring regulated entities from providing services to any individual or business dealing in digital currencies.
The central bank has given three months to regulated entities like banks to unwind their positions with the entities related to cryptocurrencies, RBI Deputy Governor BP Kanungo said... more ???? ???????? TAKE A SALUTATION????????????
RBI Bans Regulated Entities From Dealing In Virtual Currencies
India virtually banned cryptocurrencies like bitcoin with the Reserve Bank of India barring regulated entities from providing services to any individual or business dealing in digital currencies.
The central bank has given three months to regulated entities like banks to unwind their positions with the entities related to cryptocurrencies, RBI Deputy Governor BP Kanungo said in a media conference. The regulator, however, decided that it will promote the use of blockchain – a public ledger that serves as the backbone of bitcoin – in financial services for strengthening transparency and improving inclusion.
The central bank’s move comes after at least three warnings to the public at large for being cautious while dealing with cryptocurrencies.
If they (cryptocurrencies) grow beyond a critical size they can endanger financial stability
BP Kanungo, RBI Deputy Governor
The move comes as governments around the world are stepping up scrutiny of virtual currencies mainly due to their unregulated nature. The meteoric rise in the value of bitcoin in 2017, the most popular cryptocurrency, triggered worries that such currencies could facilitate everything from money laundering to tax evasion and fraud.
Since reaching a peak of almost $20,000 in early December last year, a series curbs have pulled down bitcoin and rival cryptocurrencies, with losses intensifying since the start of 2018. China, once a global hub for cryptocurrency trading, is now leading the crackdown making them illegal. Japan and South Korea too have put in place a number of regulations.
