India Will Ban Bitcoin and Develop Its Own Cryptocurrency
Inforexnews
India's central banking authority, Reserve Bank of India (RBI), has announced that it will stop doing business with anyone or any business dealing with cryptocurrency. However, in the same breath, it has made clear that the plan to develop the cryptocurrent itself will continue.
India's Ministry of Finance has previously criticized Bitcoin for its volatility and lack of "intrinsic value," as highlighted by CoinTelegraph, but the latest move by the RBI is currently the most impactful. The RBI has now ordered anyone involved in cryptocurrency trading in India, to sell their remaining assets or relocate their business within three months. After that time limit, RBI will not support cryptocurrency trading.
Prohibition of Developing Cryptocurrency Due to Worry
develop cryptocurrency
The reasons for this move are forms of consumer protection concerns, market integrity, and money laundering. The last point was duplicated in a press conference, where the RBI vice-governor said that cryptocurrency undermined efforts to prevent money laundering. He also said cryptocurrency has the potential to jeopardize financial stability if allowed to grow too large.
I don't understand what govt want to do for crypto. Some says ban, some says own currency launching, some says tax on crypto.
No one know what is next? Hope for better future.
This post has received a 1.56 % upvote from @drotto thanks to: @faizultfq.
This post has received a 1.56 % upvote from @speedvoter thanks to: @faizultfq.
This post has received a 6.58% upvote from @lovejuice thanks to @faizultfq. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.