India’s central bank is shutting the door on bitcoin and other crypto-currencies
India’s central bank is shutting the door on bitcoin and other crypto-currencies Crypto-currency can be one of the most intriguing things in the financial world right now, but they failed to impress the central bank of India. In a rather long statement of its position, the director of the Reserve Bank of India (RBI) has made it clear that virtual currencies like Bitcoin will not be allowed in the country. "Our current position on Bitcoins is that we will not use it for any payment and settlement ... although the technology that lies at the heart of the crypto-currency is not over," said S Ganesh Kumar, Executive Director, RBI, at a conference in Mumbai in November. 06. No More Bitcoins in India Says RBI India’s central bank is shutting the door on bitcoin and other crypto-currencies Comments from Kumar probably end up with much of the speculation about the legitimacy of virtual currencies in India. However, blockchain technology, which is underlying these virtual