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.
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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.
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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The products on the USA list include heavy machinery, motorcycles and high-tech items, such as semiconductors and batteries. Germany's benchmark 10-year bond yield dipped back below 0.50 percent and toward 2-1/2 month lows hit last week.
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Cameras used to inspect pipes for fix were used to float at the top of the pipe and crawl along the bottom, Scott said. They attached a camera to a floatation device and send it 300 feet down the pipe.
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