Some Bitcoins.

Reserve Bank of India rejects Bitcoin as legal Currency

The Reserve Bank of India (RBI) has made it clear that Cryptocurrencies like Bitcoin, Ethereum und Litecoin are not welcome in the Country, reports India’s leading financial information source called Moneycontrol.

Our current position with Bitcoins is that we will not use them for payments and billing.

The Statement comes from the Bank’s CEO, S Ganesh Kumar, at the FIBAC Banking Conference in Mumbai. And that, “although the Technology underlying the Cryptocurrencies will not end.”

His Statement came at a Time when the Bitcoin Price showed a small Correction after reaching an all-time high of USD 7,600 a few Days ago. The Indian Reserve Bank Chief’s Announcement may end Speculation about the Legitimacy of Digital Currency in India. At the same time, according to him, the Blockchain Technology underlying the Digital Currencies remains of Interest to RBI.

“Right now, we have a Group of People who deal with Fiat Cryptocurrencies, something that’s an Alternative to the Indian Rupee, so to speak, and we’re looking at it,” said Sudarshan Sen, Executive Director of RBI.

In August this Year, the Country’s Finance Ministry said it would create a System to regulate the use of Digital Currencies. The Project would meet a Report from an official Committee that called for Legalizing Cryptocurrencies for their Potential misuse for Money Laundering and Fraud. In Addition, the Reserve Bank of India has stated that it has not licensed any Entity or Company to work with Bitcoins or any other Cryptocurrency.

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