Search results for reserve bank of india

The Indian Inter-Ministerial Committee (IMC) was created to evaluate the potential of bitcoin and other cryptocurrencies so it can work productively. IMC admits the competencies of blockchain technologies but went ahead to recommend a blanket ban on all individual digital currencies existing in the country including Bitcoin, the world’s oldest altcoin.

The Republic of India, the seventh-biggest nation by area geographically located in South Asia, has shown much disbelief in the new cryptocurrency owned by Facebook known as Libra aka GlobalCoin. In fact, the coin will not be allowed to operate in the country.

India holds a big global economy that is now facing a rapid growth of use cases for blockchain and cryptocurrency markets. Taking demand into account, India plans to design a suitable roadmap for distributed ledger technology (DLT) soon or later, according to the report by Financial Express.

The Reserve Bank of India (RBI) is allegedly forcing the clients of the commercial banking institutions to completely abandon cryptocurrencies including bitcoin (BTC) and stop operating any kind of business activity related to cryptoassets. In case the client wants to set up a new bank account in any commercial banking institution in the country, he or she is forced to sign documents which in this case read that they shan’t deal in any digital currency transactions from their bank accounts.

The Reserve Bank of India replied to an enquiry looking for explanations for its rationale to proscribe banks from dealing with the cryptocurrency industry and acknowledged that it did not conduct any research anterior to its precludable action.

The Indian government is expected to impose a tax on cryptocurrency trading, Bloomberg reported on May 23. An 18-percent Goods and Services Tax (GST) is being investigated by the Central Board of Indirect Taxes and Customs. Then the final decision has to be made by the GST Council.

The Reserve Bank of India banning any dealings with cryptocurrency in the domestic market caused a lot of fuss amongst the Indian crypto community. Many entrepreneurs and enthusiasts protest against the move arguing that it is a violation of fundamental rights. In fact, it even led some people to turn to the courts.

Welcome back to Coin Idol TV News channel. Digest on April 9 features the following topics from the world of Blockchain and cryptocurrency: Liechtenstein plans  to incorporate new cryptocurrency friendly regulations, while India forbids any kind of regulated entity to deal with crypto coins.

China is losing a good portion of its forex Reserves in, what is considered to be by many people, an attempt to raise the value of the Chinese Yuan. China, which got hit by hard monetary issues through most of 2016, still continues to struggle to completely offset its economic woes.