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RBI will Regulate Bitcoin and Cryptocurrencies in India

Published on June 13, 2018

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After the long wait in the cryptocurrency, finally, RBI has something that they cannot deny. RBI will allow cryptocurrencies within the country though there will be new regulations that will be applied.

On Wednesday, around 12 pm IST, ET Now posted an article, mentioning that RBI will lift of the ban on cryptocurrency and will allow trading in cryptocurrency.

ET NOW Twitter Mentioned:

SOURCES | Govt panel not in favour of banning cryptocurrency. Govt panel may suggest allowing cryptocurrency with riders: Cogencis pic.twitter.com/osP6ziwGbO

— ET NOW (@ETNOWlive) June 13, 2018

Mentioned that Government is not in favour of banning cryptocurrency and may allow it with new regulations.

Few days before there was a news article mentioning that the RBI has taken the ban without any investigation and research over it. The rules have been introduced on the RBI panel in April, mentioning that all banks should not engage with any cryptocurrencies and should quit within the limited period, that was given to be 2 months.

Though a huge community of Crypto Enthusiast and lovers gone against this decision by the Indian government and many online petitions been signed against it. The petition caught in the eye of a supreme court of India later and several cases been filed against RBI.

The regulation without any investigation and research will not be considered a solidification for the case in court and there will be no reason to ban cryptocurrency and bitcoin.

Reserve Bank of India Admits Issuing Crypto Ban Without Research https://t.co/Unww2DEcKU #cryptoban #cryptocurrency #ban #RBI #bitcoin pic.twitter.com/f3ESHJ9hn8

— Unocoin (@Unocoin) June 13, 2018

The source of allowing bitcoin will definitely affect the cryptomarket and will raise the market to green. This might be a U-turn for the cryptocurrency and to future technology allowing the sustainable growth of the technology. Since Indian prime minister supports cryptocurrency and thinks it could be a wonder in the technology.

The allowing regulations for crypto will definitely enrich and favours in the economy within the country. Since Japan have already regulated bitcoin; have thought as a growing ride for the economy.

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