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Reserve Bank of India .........Plans to Ban Bitcoin and other Cryptocurrencies

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India’s central bank, Reserve Bank of India (RBI), has maintained it plans to ban the use of virtual currencies as a form of payment across the country, despite its support of Blockchain, which is the technology behind the cryptocurrencies.

At a conference held in Mumbai, India recently, RBI executive director, S Ganesh Kumar, has hinted that the digital currencies such as Bitcoin and Ethereum will not be allowed to be legally used across the country.

In his word, Ganesh Kumar said  "Our current position on Bitcoins is that we will not be using it for any payments and settlements…though the technology underlying cryptocurrencies will not end.”

India’s digital currency market
The cryptocurrency market in India accounts for just a very small portion of the country’s financial sector. Digital currencies are mainly used as an investment option. The leading virtual currency Bitcoin is accepted as a form of payment at only a few restaurants, and several cryptocurrency exchanges allow users to use the digital currencies as payments for books or movie tickets.

However, the possible ban of the digital currencies in India has displeased the players in the country’s virtual currency trade. According to Bitcoin exchange Zebpay cofounder Sandeep Goenka, they will try to educate the government about the cryptocurrencies and its numerous benefits for the economy.

India has a vibrant fintech industry which is still nascent “We will do our best to continue with our efforts to educate the government about cryptocurrencies. It can be useful for India by turning the country into a fintech hub, to increase financial inclusion, and there are several other benefits of it.”


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