The Daily Chain
No Result
View All Result
  • News
    • All News
    • Assets
    • Bitcoin
    • Business
    • Editor’s Picks
    • Technology
  • Markets
    • Market Updates
    • Live Cryptocurrency Market Prices
    • Press Release
  • Features
    • Articles
    • Opinion
    • Interviews
    • Quiz
  • Education
    • Blockchain
    • Trading
    • Investing
    • Safety
  • Media
    • Video
    • Podcasts
  • Reviews
  • Asset List
  • News
    • All News
    • Assets
    • Bitcoin
    • Business
    • Editor’s Picks
    • Technology
  • Markets
    • Market Updates
    • Live Cryptocurrency Market Prices
    • Press Release
  • Features
    • Articles
    • Opinion
    • Interviews
    • Quiz
  • Education
    • Blockchain
    • Trading
    • Investing
    • Safety
  • Media
    • Video
    • Podcasts
  • Reviews
  • Asset List
No Result
View All Result
The Daily Chain
No Result
View All Result
Home All News

The Reserve Bank of India Confirms it will not Allow Private Digital Currencies in the country

Anna Larsen by Anna Larsen
6th December 2019
3 min read
0
Reserve Bank of India

Reserve Bank of India

1
SHARES
0
VIEWS
FacebookTwitterLinkedinTelegramEmailWhatsapp

A report by the Mumbai Mirror read that the governor of the Reserve Bank of India, Shaktikanta Das, stated that the institution for entities regulated by RBI views no possibility of allowing private digital currencies to operate in the country. 

Instead, RBI is at the early stages of developing a central bank-issued digital currency but is behind schedule due to technological hitches. 

Following the statement by the governor RBI, it’s now clear that India’s crackdown on all crypto to enable the smooth launch of its centralized digital currency will be backed by the central bank and issued as a sovereign right of the country. 

In early 2018, India’s central bank, the Reserve Bank of India (RBI) announced that it had placed a ban on the sale or purchase of cryptocurrency for entities regulated by RBI terming cryptocurrency as non-sovereign. 

In July this year, Indian cryptocurrency watch panel proposed fines and jail time for cryptocurrency use with up to ten years in prison for general crypto use in the country. 

This announcement also confirms reports that India will be unwelcoming to Facebook’s innovative cryptocurrency-Libra.   

In his statement, Das commented that central banks and governments throughout the world are against the use of private digital currency because their use will be against sovereign rights:

 “The world over, central banks and the governments are against private digital currency because currency issuance is a sovereign function, and it has to be done by the sovereign.” 

Das also confirmed the possibility of India launching a central bank-issued digital currency. However, he stated that it was too early to speak on the issue since the technology to introduce the central currency was not yet in place.

India is not the only country that has outlawed the use of private digital currencies. The European Union has barred the use of Libra and other private digital currencies due to the financial risk that they pose. 

The EU is also looking at ways of regulating crypto-assets and digital coins in the coming years. China has also announced that it’s going to launch its national digital currency mid-next year. 

In so many ways, India’s hostile reception towards cryptocurrency and blockchain technology had been largely been compared to China’s unfavourable stand on the same. The ban of cryptocurrency in India in April 2018 played a significant role in the dip of Bitcoin prices globally. 

Unlike India however, China seemed to have softened its stance on and its pushing for blockchain adoption after realizing its benefits. The president of China Xi Jinping is urging companies and government institutes to start embracing blockchain technology. Nonetheless,  a report by Economic Times indicates that India is looking at the adoption of blockchain technology at a national level. This report is still not clear and it seems the country will take more time before adopting the blockchain technology and also allowing the use of private digital currencies such as Libra.

Tags: RBI
Share1TweetShareShareSendSend
Anna Larsen

Anna Larsen

Anna Larsen has been a Crypto enthusiast since 2016. Fascinated by the technology and its usecases she decided to pursue a career in content creation related to this space. The journey has been exciting ever since.

Related Posts

Over $2bln of ETH is now staked in Ethereum 2.0
All News

Ethereum stands out early in 2021

19th January 2021
BREAKING: Ethereum Reaches New All Time High Crossing $1,400
All News

BREAKING: Ethereum Reaches New All Time High Crossing $1,400

19th January 2021
Trezor-Play Store
All News

Trezor warns customers about Fake Application Imitating it on Play Store

19th January 2021
Coinshares-Bitcoin-ETP
All News

Another Physically-backed Bitcoin ETP comes from Coinshares

19th January 2021
Gemini crypto exchange adds Euro onramp to trading platform
All News

Huobi unlocks European fiat onramp through new partnership with BCB group

19th January 2021
Bitstamp-KYC
All News

Bitstamp customers need to provide photo proof for Withdrawing funds to external wallet

19th January 2021
Next Post
Bitcoin’s Daily Active Users are Dropping Away

Bitcoin’s Daily Active Users are Dropping Away 

IDEX 2.0 Rollup Shows in the Demo it Can Solve Ethereum Scaling Issues

IDEX 2.0 Rollup Shows in the Demo it Can Solve Ethereum Scaling Issues

Please login to join discussion
  • All News
  • Editor's Picks

Ethereum stands out early in 2021

BREAKING: Ethereum Reaches New All Time High Crossing $1,400

The Daily Chain Primers: An Introduction to Nord Finance

Trezor warns customers about Fake Application Imitating it on Play Store

Another Physically-backed Bitcoin ETP comes from Coinshares

Join our newsletter!

Enter your email to receive our newsletter.


Don’t worry, we don’t spam
ADVERTISEMENT

Popular Posts

  • Prime Minister-Bitcoin-Canada

    Ex Canadian Prime Ministers says Bitcoin could be a Reserve Currency

    0 shares
    Share 0 Tweet 0
  • Ripple Targets 10 Million Customers With New Strategic Partnership

    0 shares
    Share 0 Tweet 0
  • Reports – Iranian police seize 45,000 illegal Bitcoin miners

    0 shares
    Share 0 Tweet 0
  • Capital Manager: ETH Price Will Double Once Bulls Takes Out $1,400

    0 shares
    Share 0 Tweet 0
  • Genitals for bitcoin – Hackers take control of Smart Chastity Cages and demand Bitcoin Ransom

    0 shares
    Share 0 Tweet 0

Market Updates

Ongoing BTC Consolidation Could Prove Incredibly Bullish For Altcoins

Ongoing BTC Consolidation Could Prove Incredibly Bullish For Altcoins

18th January 2021
BTC Price Struggles Below $38K, While ETH Bulls Take Control

BTC Price Struggles Below $38K, While ETH Bulls Take Control

17th January 2021
Polkadot Surpasses XRP’s Market Cap After Gaining 75% In A Week

Polkadot Surpasses XRP’s Market Cap After Gaining 75% In A Week

16th January 2021

Media

hashoshi-alts (2)

Altcoin Season Picks / Projects with Huge Potential

9th September 2020
cardano-ADA

Hashoshi: Cardano Shelley is live… but what’s next is WAY BIGGER

19th August 2020
hashoshi-alts

Hashoshi: Low Cap Alts you need to be watching in 2020

5th August 2020
fomohunt-podcast

FomoHunt Podcast – Joe Vezz & Jon Farjo: Tracking Social Sentiment Waves with Lunar Crush

30th July 2020
ethereum-hashoshi

Hashoshi: Ethereum 2.0, Chainlink, Bitcoin Price, and more!

27th July 2020
fomohunt-podcast

FomoHunt Podcast – Joe Roets: Behind the scenes of “Open source money”

24th July 2020
The Daily Chain

The Daily Chain is a news platform and educational hub founded in January 2019. We are dedicated to providing unique and informative daily content across all facets of the blockchain and cryptocurrency industry whether it be news, opinion pieces, technical analysis, reviews, interviews, podcasts and more.

LEARN MORE »

Recent Posts

  • Ethereum stands out early in 2021
  • BREAKING: Ethereum Reaches New All Time High Crossing $1,400
  • The Daily Chain Primers: An Introduction to Nord Finance
  • Trezor warns customers about Fake Application Imitating it on Play Store

Information

  • About
  • Contact
  • Site notice
  • Risk Warning
  • Privacy Policy

Categories

  • News
  • Markets
  • Features
  • Education
  • Media
  • Reviews

TheDailyChain © 2020. The Home of Digital Assets

No Result
View All Result
  • News
    • All News
    • Assets
    • Bitcoin
    • Business
    • Editor’s Picks
    • Technology
  • Markets
    • Market Updates
    • Live Cryptocurrency Market Prices
    • Press Release
  • Features
    • Articles
    • Opinion
    • Interviews
    • Quiz
  • Education
    • Blockchain
    • Trading
    • Investing
    • Safety
  • Media
    • Video
    • Podcasts
  • Reviews
  • Asset List

TheDailyChain © 2020. The Home of Digital Assets

At The Daily Chain, we are committed to protecting the personal data of our audience.
In light of the General Data Protection Regulation, we are asking our audience in Europe to consent to the use of cookies by The Daily Chain and its partners to continue to our site. These cookies are used to personalize your user experience (content and ads) and support and improve the site. Please click “I Agree, Continue to Site” below to consent to the use of this technology and continue to TheDailyChain.com. Visit our Privacy Statement to learn more. Cookie settingsAgree, continue to site
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

bitcoin
Bitcoin (BTC) $ 36,954.00 3.38%
ethereum
Ethereum (ETH) $ 1,403.38 14.95%
tether
Tether (USDT) $ 0.996947 0.40%
polkadot
Polkadot (DOT) $ 16.47 2.51%
ripple
XRP (XRP) $ 0.301577 7.90%
cardano
Cardano (ADA) $ 0.375441 1.64%
litecoin
Litecoin (LTC) $ 159.23 7.47%
bitcoin-cash
Bitcoin Cash (BCH) $ 526.67 8.37%
chainlink
Chainlink (LINK) $ 21.61 0.88%
stellar
Stellar (XLM) $ 0.308580 3.51%
Newsletter

Join our newsletter!

Enter your email to receive our newsletter.

Don't worry, we don't spam