• 2 days Oil Demand Falters On New Wave Of Lockdowns
  • 3 days Signal, Telegram Gain Ground As Social Censorship Breaks Headlines
  • 4 days Investors Should Be Worried About Tech Stocks
  • 6 days Battle For Market Share Intensifies In COVID Streaming War
  • 8 days Censorship Is Now Private, And That’s Scary
  • 10 days Markets Hit ‘Ignore’ Over Capitol Coup
  • 12 days Tesla’s China Strategy Is Yet Another ReasonTo Double Down
  • 13 days NYSE Reverses China Company Delisting Plans … For Now
  • 15 days The Dollar Could Remain Weak For Years To Come
  • 18 days The Simple Secret To Tesla-Like Gains
  • 19 days US-Listed China Stocks Have 3 Years To Become Transparent
  • 21 days $30,000 Is The New $20,000 For Bitcoin
  • 21 days Gold Slips Following Stimulus Announcement
  • 22 days Illegal Streaming Targeted In The 5,000 Page COVID-19 Stimulus Bill
  • 23 days Big Investors Are Dumping Gold For Bitcoin
  • 24 days The Most Exciting And Strange Energy Tech Of The Year
  • 25 days Morgan Stanley Sees Apple As Major Threat To Tesla’s Dominance
  • 27 days U.S. Lawmakers Pass $2.3 Trillion Relief Package
  • 28 days The Super-Rich Are Investing In “Pandemic Passports"
  • 29 days 5 Promising Stocks in 5 Different Sectors to Start the New Year
U.S. Pushes For Digital Currency For Immediate Stimulus

U.S. Pushes For Digital Currency For Immediate Stimulus

The world’s governments are rushing…

Facebook’s Libra Faces Political Backlash

Facebook’s Libra Faces Political Backlash

Facebook wants to challenge Bitcoin…

  1. Home
  2. Cryptocurrencies
  3. Other

India May Be Planning Its Own Government-Backed Cryptocurrency

India

A review panel created by India’s finance ministry to determine a regulatory framework for cryptocurrencies in the country has suggested India launch its own cryptocurrency.

A report from Quartz suggests that officials are growing closer to preparing a regulatory framework for cryptocurrencies. One senior official suggested the panel is even looking into the creation of a state-sponsored cryptocurrency, according to the publication.

The official explained: “We are evaluating the government-backed cryptocurrency and crypto-token,” adding, “and we are looking to develop and encourage our own research and development of blockchain technology.”

Another executive, who requested to remain anonymous explained to Quartz: “If a virtual currency is going to be backed by the government then it goes against the whole grain of such coins. These are essentially decentralised ledgers, and if the government or the RBI is trying to control it, then it loses its meaning.”

The official added: “The panel is also discussing amendment of the Currency Act to make possession of any cryptocurrency, not approved by the government, a punishable offence.”

The discussion comes amid a larger crackdown on cryptocurrencies in the country. Since July, the Reserve Bank of India (RBI) has been banned private banks from doing business with cryptocurrency exchanges. Related: "The Ultimate Guide To Buying Discount Gold"

This move led to the closure of India’s oldest and largest cryptocurrency exchange, ZebPay, in late September.  The closure, which came as a surprise to many of the exchange’s 3 million users, highlights the government’s position on the subject.

ZebPay cited banking issues for the closure, issuing an official statement which read: “The curb on bank accounts has crippled our, and our customer's, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.”

The cryptocurrency panel is expected to release a full report and outline the future cryptocurrency framework for the country by the end of 2018; although things are looking increasingly grim from decentralized initiatives in the world’s second largest country. Much to the dismay of those who see the potential of decentralized finance in India.

By Michael Kern via Crypto Insider 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment