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