Crypto currency neither currency nor money: RBI gave affidavit in SC
New Delhi: In the crypto case, the Reserve Bank of India filed an affidavit on Thursday in the Supreme Court. The central bank said in its affidavit that there is no legal validity of crypto like bitcoine. The bank said that crypto currency is neither currency nor money. Not only that, the central bank also said that there is no validity in its valid payment system. The RBI said that it has already warned the bank and the public about its risk. The committee is also looking at its other aspects.
What is the case
Bitcoin is a virtual currency (crypto currency). Anyone can buy it through an online exchange. Apart from taking advantage of its buying and trading, it is also used for payment. At present, the cost of a bit quoin in India is around 65 thousand rupees. RBI has banned this. Under the central bank's decision, you can not buy bitcoin through bank or e-wallet. This step was raised after the cases of increasing fraud of crypto karansanti. The RBI had said about not providing services to all companies who have transacted in the crypto currency currency such as Bitcoin from all the regular units including the bank. This instruction was given by the central bank with the intent to protect the interests of customers and restrain money laundering.
Raised step keeping in mind the interest of customers
After its first bi-monthly monetary policy review of FY 2018-19, the RBI had also said that new technologies including virtual currency innovations will improve the efficiency of the financial system and it will be more inclusive. The central bank said, "Though the trend of virtual currency, called cryptokaran and crypto assets, concerns about consumers' interests, fairness in market and other things including money laundering has increased."
Beginning in 2009, Bitcoin
In 2008, for the first time, an article was published about Bitcoin. However, it started in 2009 as an open source software. This is made by unknown computer programmer or their group named Satoshi Nakamoto.
What is the case
Bitcoin is a virtual currency (crypto currency). Anyone can buy it through an online exchange. Apart from taking advantage of its buying and trading, it is also used for payment. At present, the cost of a bit quoin in India is around 65 thousand rupees. RBI has banned this. Under the central bank's decision, you can not buy bitcoin through bank or e-wallet. This step was raised after the cases of increasing fraud of crypto karansanti. The RBI had said about not providing services to all companies who have transacted in the crypto currency currency such as Bitcoin from all the regular units including the bank. This instruction was given by the central bank with the intent to protect the interests of customers and restrain money laundering.
Raised step keeping in mind the interest of customers
After its first bi-monthly monetary policy review of FY 2018-19, the RBI had also said that new technologies including virtual currency innovations will improve the efficiency of the financial system and it will be more inclusive. The central bank said, "Though the trend of virtual currency, called cryptokaran and crypto assets, concerns about consumers' interests, fairness in market and other things including money laundering has increased."
Beginning in 2009, Bitcoin
In 2008, for the first time, an article was published about Bitcoin. However, it started in 2009 as an open source software. This is made by unknown computer programmer or their group named Satoshi Nakamoto.
Leave a Comment