Indian Central Bank Looks into Issuing Its Own Cryptocurrency

Apr 08, 2018, 01:16
Indian Central Bank Looks into Issuing Its Own Cryptocurrency

The decision to join a host of countries whose central banks are weighing pros and cons of issuing their sovereign-backed digital currency came with the increasing popularity of the currency in the country. Regulated financial institutions can provide no service directly related to digital currency.

The bank said it has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies.

"In order to ensure better monitoring, it is important to have unfettered supervisory access to data stored with these system providers as also with their service providers / intermediaries/ third party vendors and other entities in the payment ecosystem", the central bank said.

More news: Huawei doesn't need United States market, but wants to stay here

Given the recent warnings concerning volatility and security issues, RBI chose to put a ban on all crypto coins.

This could slow down exchange operations in the country significantly, potentially bringing the cryptocurrency market to a crawl.

Indian Finance Minister Arun Jaitley earlier this year reported that the authority considered digital currencies illegal and would do everything possible to stop crypto payments. It does not mention that a copy of it can not be stored overseas, according to Medianama.The RBI will issue detailed instructions by next week.

More news: Falling Chinese space station's re-entry expected on Easter Sunday

The Reserve Bank of India has released guidelines on Friday asking all payment system operators to ensure that data is stored only within the country, and comply with the order by October 15, 2018.

Recently, there was a speculation of the government plans to launch its own digital currency called Laxmi coin.

"These are issued by the central bank and are considered the liability of the central bank", Kanungo said. "It also holds the promise of reducing the cost of printing notes". The result of a study will be presented as a report this summer.

More news: Steven Spielberg talks 'Ready Player One': 'People wants to escape'

Loading...
loading...
loading...
YOU MIGHT ALSO LIKE
  • Wolves-LA Lakers game recap

    Wolves-LA Lakers game recap

    He finished an acrobatic layup after receiving a lob pass from Teague. "He got to his spots, he scored when he wanted to score". Trey Lyles (Inc .) - Lyles only played four minutes, but Denver immediately rattled off an 11-0 run when he entered the game.
    S&P 500 falls to session low

    S&P 500 falls to session low

    Investors might feel a little less anxious about a possible trade war after they've overcome Wednesday morning's panic. Another 12 of the Dow's 30 components have declined between 10 and 20 percent from their year highs.

    Chinese space station is predicted to smash into Earth over Easter

    Since the space age began in 1951, no one has been injured by a piece of space debris. No, most of the spacecraft is expected to burn up as it enters Earth's atmosphere .
  • ICICI Bank shares reeling on police probe report

    ICICI Bank shares reeling on police probe report

    However, the bank did not say anything with regard to review of insolvency cases which was part of board meeting agenda for today. Approximately 5,108,606 shares were traded during trading, a decline of 36% from the average daily volume of 7,936,838 shares.
    EPA chief secretly gave huge raises to longtime aides

    EPA chief secretly gave huge raises to longtime aides

    The Alliance of Automobile Manufacturers applauded the move, saying it would "keep new vehicles affordable to more Americans". Current regulations from the EPA require the fleet of new vehicles to get 36 miles per gallon in real-world driving by 2025.
    Winnie: South Africa's voice of defiance

    Winnie: South Africa's voice of defiance

    Following the announcement of her passing, the Mandela family released a statement about the late matriarch. He then urged South Africans to reflect on Madikizela-Mandela's "rich‚ remarkable and meaningful life".
  • Biggest Test win since 1934

    Biggest Test win since 1934

    Since then walking onto the field for South Africa was unbelievable so that was a big turnaround for me in my global career". It was Philander's 200th wicket in his 54th Test.
    Former Patriots Tackle Cameron Fleming Agrees To Deal With Cowboys

    Former Patriots Tackle Cameron Fleming Agrees To Deal With Cowboys

    Cowboys owner Jerry Jones is also geared up to meet with Bryant regarding his contract situation. Over the last few days, the Dallas Cowboys made two additions to their wide receiver room.
    Amazon Stock Dives As 'Obsessed' Trump Considers Regulations, Tax Action

    Amazon Stock Dives As 'Obsessed' Trump Considers Regulations, Tax Action

    Financial Bank Of America Corporation De holds 0.04% or 1.07 million shares. 151 funds opened positions while 637 raised stakes. A fully researched analyst report will generally provide detailed reasoning for a specific target price prediction.
  • Russian FM: Ex-Spy's Poisoning Is A Distraction From Brexit

    Russian FM: Ex-Spy's Poisoning Is A Distraction From Brexit

    Zakharova told reporters in Moscow that Britain is breaking worldwide law by refusing to provide information on the case. Putin said the type of the nerve agent used in the March 4 poisoning could be made in some 20 nations.
    Russian Federation  announces earlier delivery of S-400 missile systems to Turkey

    Russian Federation announces earlier delivery of S-400 missile systems to Turkey

    In November, Turkey signed a letter of intent with France and Italy to strengthen co-operation on joint defence projects. Half of the offshore section of the pipeline has already been installed. "Companies are working on it", Putin said.
    Apple introduces new privacy tools ahead of European Union  data law

    Apple introduces new privacy tools ahead of European Union data law

    New Animoji : Apple introduced new Animoji with the latest update, bringing the total number of characters to 16. Apple revealed the Apple Pay support for Shanghai and Beijing transit cards in the iOS 11.3 beta version .
popular