It seems that the future of cryptocurrency in India is a subject of much debate. Cryptocurrency, the new form of digital money, is a contentious issue between the Indian government and its citizens. The attempts to clampdown on Bitcoin and other cryptocurrencies have caused concern among many in India. In an effort to protect consumers, the Reserve Bank of India (RBI) has released regulations in an attempt to regulate the use of cryptocurrencies by Indian financial institutions.
Future of Cryptocurrency in India – A Clampdown on Bitcoin
India is among the latest nations to scrutinize the future of cryptocurrency in the country. The government recently clamped down on Bitcoin and other cryptocurrencies, as well as initial coin offerings. This was following a statement from the Reserve Bank of India in April 2018 that prohibited the use of cryptocurrencies by any financial institution regulated by it.
The report stated that “cryptocurrencies and related entities involving crypto-assets present several risks including risk to customer protection, market integrity and money laundering, among others.” As a result, the RBI ordered banking and financial institutions to cease any relationships with cryptocurrency-related businesses. This essentially made it illegal for anyone in India to buy or sell cryptocurrencies through a financial institution.
Cryptocurrency Businesses Excluded from RBI Fintech Regulatory Sandbox
In an effort to regulate the use of cryptocurrencies, the RBI also set up a financial technology regulatory sandbox. The sandbox would allow new players in the financial sector, such as fintech start-ups, to test out their products and services before taking them to the market. However, the RBI excluded cryptocurrency businesses from the sandbox.
The RBI’s clampdown on the use of cryptocurrencies has made it difficult for cryptocurrency businesses to operate in India. Many investors have had to turn to over-the-counter (OTC) markets to buy and sell cryptocurrencies. Despite the RBI’s attempts to tightly regulate the use of cryptocurrencies, there is still a significant amount of interest in the technology in India. It remains to be seen whether the government’s attitude towards cryptocurrencies will change in the future.
The future of cryptocurrency in India is still uncertain. The government’s clampdown on the use of cryptocurrencies has made it difficult for investors to trade in the virtual currency. The RBI’s recent decision to exclude cryptocurrency businesses from its fintech regulatory sandbox means that it is unlikely that cryptocurrencies will gain mainstream acceptance any time soon. However, the technology still has a lot of potential and its future in India will continue to be closely monitored.
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