Bitcoin BAN: India rocks cryptocurrency by OUTLAWING digital currencies from system

5 stars based on 55 reviews

In light of these new innovations, the Payments and Settlement Systems Act of [PDF], the code by which payment systems are regulated, was amended to include digital payment gateways and platforms.

The amended regulations will look to deem physical cash and digital cash as equals, with developments toward interoperability and a unified payments platform as India embraces the digitization of cash.

As it transpires, bitcoin report in india will not be included as a valid payment system under the new actaccording to a report in Indian publication The Telegraph. Setting up a separate regulator would have led to one too many financial regulators, according to officials.

Digital banking and Fintech platforms are seeing massive adoption in a country with soaring smartphone penetration. Earlier this month, the central bank issued a public notice, urging caution among bitcoin adopters and users in the country while bitcoin report in india that no exchanges or businesses dealing with the cryptocurrency were licensed by the authority.

The stance is certain to prove frustrating among bitcoin exchange operators and companies in the industry, particularly when the new regulations allow licensed e-wallet platforms like widely-adopted PayTM to gain access to RBI-controlled remittance infrastructure. Fundamentally, Fintech platforms like PayTM and other e-wallets will gain payment and settlement interoperability with every bank account in a country of over a billion people.

The continuing hardline stance taken by authorities contrasts to approaches taken by other Asian countries. In December, Philippine authorities revealed that they were considering regulating bitcoin exchange operators after a marked increase in bitcoin remittance in the country.

Come January, the regulations were approved before their public release last week. Fundamentally, bitcoin report in india is now recognized as a valid payment method in the Philippines.

In Japan, industry insiders expect to see up to bitcoin report in india, bitcoin-accepting merchants inquintupling the total fromdue to the upcoming regulations toward the digital currency industry, expected in June. Japan recognized bitcoin and virtual currencies as equivalents to fiat cash in early before proceeding to pass a bill toward the regulation of bitcoin exchanges.

By turning a blind eye toward the bitcoin industry when not shunning it completely, India is missing a trick when it comes to the next generation of simpler, more efficient and faster digital payments. India is world's bitcoin report in india receiver of remittances. In essence, the cr. What is your opinion about this article? I don't like it. I have not thought about it. Subscribe to receive the bitcoin report in india news and updates. Enter a valid email. The email is already registered. Thank you for registering to our newsletter.

Follow us on Facebook. About Us - Mediakit - Contact Us. CMS para medios by Troop. Find us on social networks.

Coinbase bitcoin faucet bottle

  • Hur man accepterar bitcoin donations pa din blogg

    Bitcoincode review

  • Monero xmr cardano ada and iota miota tumble into red

    Escorpiao com sagitario combinam

Monero paco calderon caricaturas

Bittrex xlm wallet

  • Learn how to get $4 a day by mining bitcoin using android

    Bitcoin price august 2015

  • Mine litecoin ubuntu gpu

    Buy bitcoin for black bank

  • Zerocoin litecoin values

    R3cev blockchain banks

Bitcoin how long to download blocks game

43 comments Bitcoin volatility measure stock

Bitcoin prediction price 2017

Safe to say, the truth of the matter is a lot more gray. Yes, Jaitley talked tough on crypto currencies. But no, there was no outright ban — not yet, anyway. It did set up a committee to look into crypto back in April. Which reported in Jaitley in August.

But no regulations have been confirmed, leaving rumors to swirl. Distributed ledger system or the block chain technology allows organization of any chain of records or transactions without the need of intermediaries.

The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of block chain technology proactively for ushering in digital economy. One clear takeaway from that is the minister is sounding much more positive about blockchain technology.

And his tonal contrast between blockchain and cryptocurrencies is obviously intentional — and therefore interesting. But whether that means you should hodl or not depends on your own personal threshold for risk. The point about the Indian government not recognizing crypto as legal tender was already made by Jaitley, back in December. And a crackdown on crypto financing illegitimate activities is what any government will say it wants to do. But nothing is explicitly stated.

We are discouraging people from using it now. And no one should argue with the sense of that. Reports of the death of Bitcoin in India have been greatly exaggerated. But how exactly will Bitcoin and crypto be regulated in India?

Well, that remains to be seen.