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India’s central bank is shutting the door on bitcoin and other crypto-currencies

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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
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What is a Bitcoin? Cryptocurrency? It's a decentralized digital currency

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What is Bitcoin? What is CryptoCurrency? Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks;  managing transactions and the issuing of bitcoins is carried out collectively by the network.  Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Bitcoin is a crypto-coin or Crypto-Currency and a digital payment system: invented by an unknown programmer or a group of programmers under the name Satoshi Nakamoto. It was released as open source software in 2009. The system is peer-to-peer, and transactions are performed directly between users without the intermediary. 4 These operations are confirmed by the nodes of the network and recorded in a distributed public register called the block string. Si
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