RBI Stalls Creation of Indian Cryptocurrency
According to multiple news reports doing the rounds in India, the Indian Central Bank; the Reserve Bank of India, has stalled its plans of releasing its own cryptocurrency.
The most recent report claiming the same was on Business Line on 1st of January.
Too Soon For India
The cryptocurrency market and community in India are subject to constantly changing regulations and ideologies about the cryptocurrency market.
The government has for too long been hot and cold about the cryptocurrency market and has successfully managed to dissuade a large chunk of the population from investing.
As of April 2018, the RBI had even issued a circular telling all banks to withdraw support. Making it harder for people to trade and exchanges to function in the country.
With that being said, there are many court cases going on around the country, fighting the same. But the verdict is yet to come.
From the people in the cryptocurrency community in India, the general feel is that the government is confused about the market and for them to release their own cryptocurrency would just be more of the same.
The community believes that the act of releasing its own cryptocurrency, without making sure that regulations are in place for the same, is a terrible mistake and quite premature.
In the past year, India has lost quite a large part of the cryptocurrency market and Blockchain industry’s business because of its circular. Most exchanges and startups moved elsewhere in search of more favourable regulatiobs.
While other countries withdrew the same announcement, India stood strong on its position. And now with the RBI stalling their plans of a cryptocurrency, the cryptocurrency community is not surprised.
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India Will Wait
From recent events and activities in the country regarding cryptocurrencies and the blockchain industry, it is clear that the Indian financial watchdog is determined on waiting.
They are, by all looks of it, engaging the usual wait and watch strategy. In which they wait for other countries to implement, see if it works and then successfully reverse engineers the same.
But as of now India has no regulations for cryptocurrency apart from the blanket ban statement that they put out and the country’s judiciary is yet to come back with a verdict on the same.