losangelesnewstoday.com June 20, 2018

Regulators Worldwide Are Cracking Down on Cryptocurrency. India's Next

08 April 2018, 01:05 | Katrina Lee

Bitcoin coins placed on Dollar banknotes are seen in this illustration. REUTERS Dado Ruvic Illustration

RBI cracks down on digital currencies plans own cryptocurrency | Video

Reserve Bank of India announced on Thursday that regulated financial firms in India can not legally deal with cryptocurrencies anymore.

The central bank which on Thursday kept the repo rate unchanged, noted the recent expansion of digital payment systems in India and thus emphasised the need to safeguard such platforms against data breach and other security concerns.

RBI had been repeatedly warning users and traders of virtual currencies including those of bitcoins to consider the several risks while dealing with cryptocurrencies.

It is hard to guess right now. nonetheless, this buzz did impact the price of Bitcoin because after the news released recently, the price of Bitcoin went down from $7400 to $5400, which is a huge loss for those who are looking forward to a brighter future with the help of this coin.

Going back to the intention of RBI to launch a digital currency, it has mentioned that the increasing use of digital payments and the cost of printing paper currencies and managing them have prompted many countries to explore the development of virtual money that could be a supplement to the real currency already in circulation.

It added that regulated entities that already provide such services will have to exit these operations within a specified time and a circular in this regard will be issued shortly. "With the massive surge in the popularity of crypto currencies such as bitcoin, India has also jumped into the market with country's own cryptocurrency called, "Laxmicoin". In early February, false reports in the media of a country-wide crypto ban in early February led to a drop in the crypto markets.

Jared Goff, Brandin Cooks Have Been Working Out Together
The 34th overall selection came in the trade in which quarterback Jimmy Garoppolo was sent to the San Francisco 49ers past year . New England will still have plenty of wide receivers to begin the year, even though slot man Danny Amendola has also moved on.

Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system.

The Reserve Bank of India announced today that it will begin studying the effects of issuing its own cryptocurrency, setting a deadline for June 2018.

In its latest statement on developmental and regulatory policies, the Reserve Bank of India (RBI) has banned the entities regulated by it from engaging with any individual or businesses involved with digital currencies.

The move has been taken to protect banks and non-banking entities from crypto-fraud that poses a serious threat to the stability of India's economy.

"The report indicates that the outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms", Radhakrishnan told the Lok Sabha in a written reply.

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