Under the new decision, you will no longer be able to buy virtual currency like Bitcoin through a bank or e-wallet. RBI has banned the virtual currency like bitcoins.
If you have a virtual currency like Bitcoin, then sell it at the time, otherwise it will not be able to sell it in a few days. RBI has banned virtual currency. Under the new decision, you will no longer be able to purchase virtual currency like bitcoin through bank or e-wallet.It has been banned with immediate effect. This decision has been taken by the Reserve Bank under the protection of the interests of the customers due to the cryptocurrency. This has also raised concerns about money laundering. The Reserve Bank repeatedly warned the customers, crypto owners and their traders.
According to experts, people will no longer be able to transfer money from their savings account to crypto wallets. It is clear that no one will even be able to even sell it, that is, you have no value left bitcoin. In this case, whatever banks are offering such services, they will have to go out of it for a certain time.
Considering its risks, the Reserve Bank has decided that whatever institution comes under RBI. They will no longer be able to deal with all virtual currencies like Bitcoin. This decision of the Reserve Bank will be implemented immediately with effect. This means that no bank in India will be able to deal in virtual currency. Banks will not be able to provide services to such people and companies. All the banks who are offering this type of service will have to go out of it for a certain time.
The Reserve Bank is considering bringing digital currency of itself in view of the increasing importance of digital currency all over the world. The Reserve Bank said in the policy that global currencies are under discussion in the world. Apart from this, the cost of paper and metal currency is increasing. This is going to bring digital currency to the world. The Reserve Bank has created a departmental group for this. These groups will be considered as the country’s digital currency. The group will also think about how this can be run in India. The group will give its report to the Reserve Bank by June 2018.
Cryptocurrency are a virtual currency running on the Internet. This virtual currency on the Internet started in January 2009 in the name of Bitcoin. Anyone in the world can be paid by using this virtual currency and most importantly, there is no need to make any bank a medium for this payment