India bans crypto-currency trades - BBC News

The RBIs latest move, though, virtually shuts down the ecosystem. A circular in this regard is being issued separately. Indias central bank, the Reserve Bank of India (RBI) has caused a stir on April 5, 2018 by announcing that it would not allow regulated institutions like banks, payment service providers and non banking finance companies (nbfcs to provide services to persons or businesses that. AML and fatf are international policy frameworks aimed at combating money laundering and terrorist financing.

RBI Bitcoin: RBI bans Bitcoins, other virtual currencies, prohibits

In his budget day speech in February, Arun Jaitley, Minister of Finance stated: Distributed ledger system or the Blockchain technology allows organization of any chain of records or transactions without the need of intermediaries The Government does not consider cryptocurrencies legal tender or coin and. The only mode of communication with its users was e-mail as well as a notice that appeared on their mobile app.

Virtual Currency: Latest News Videos, Photos about Virtual

The Reserve Bank of India (RBI) has given banks three months to unwind their exposure to such exchanges. Tech investor Tim Draper, who has been in and out of the Indian markets, minced no words - calling the Indian governments actions the stupidest thing: If I had a meeting with Modi, I would have let him know he is making a huge mistake.

India, Pakistan central banks clamp down on crypto-currencies

Bitcoin in news for all the wrong reasons. "Selling volumes in Bitcoin are as high.5 times in a single day and the price has gone down by 10 of what it should ideally.". On April 5, 2018, trading platform Bitbns administered a petition, warning the government and the public about the possibility of brain drain: This is clearly stifling innovation around Blockchain.

Indian Reserve Bank: Virtual Currencies Will Get Much Better And

What has perplexed a lot of cryptocurrency users in India has been the Indian governments weird double standards on cryptocurrencies. A huge mistake that will lead to brain drain.  If the Indian government wants these companies to bring in investments, technology and innovation to the country, it has to take a liberal stance. "This seems to be a very aggressive move said technology law expert Namita Viswanath, a principal associate at IndusLaw. I mean were not saying were going to lose money therefore we won't do it, well find some other way of getting money, maybe the government will fund us eventually".

Understanding India s Cryptocurrency Crackdown - Forbes

The Report will be submitted by end-June 2018. They are required to stop having a business relationship with the entities dealing with virtual currencies forthwith and unwind the existing relationship within a period of three months, BP Kanungo, Deputy Governor, RBI said. Being from the Chicago School of Thought, you propagate more free markets. If you transact with it, your bank accounts are going to be shut.".

What is the future of virtual currency in India like bitcoins?

Others too have expressed a need for a rethink on the position that the central bank has taken. The Chairman of Central Board of Direct Taxes (cbdt) explained: People who have made investments (in cryptocurrencies) and have not declared income while filing taxes, and have not paid tax on the profit earned by investing, we are sending them notices as we feel that. Arun Jaitley outlawed the use of cryptocurrencies in India while presenting the. "In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies the bank said in a statement. So, I want to know, what is your view as a regulator on free banking, and having more of equitable currencies floating in the market?