Download part 1 of the Economic Survey 2016-17 Vol. 2 summary by ForumIAS : Click here to DOWNLOAD

status of bitcoins in India?

what is the status of bitcoins in India? Are they banned??
·

Comments

  • What I know, a bit rusty on current affairs:

    Not banned.
    Not regulated.
    RBI has cautioned users against using such currency.
    Bitcoin exchanges and bitcoin-based startups also exist.
    Recently Ratan Tata invested in one, don't remember which.

    Blockchain is important. Can be used in a myriad ways.
    Banks are experimenting with its adoption for reducing transaction costs and improving the transaction structure.

    Yesterday, a company made a stock blockchain source code public, enabling users to customize blockchains as per their needs.
    Prelims: 4. Mains: 2*. Interview: 1. Rank: NA.
    Literature of English Language.
    "Only through time time is conquered."
    ·
  • In 2013, the Reserve Bank of India (RBI) had cautioned the users, holders and traders of virtual currencies, including bitcoins, about the potential financial, operational, legal, customer protection and security-related risks that they could expose themselves to (http://bit.ly/2cpQmkz). “The creation, trading or usage of virtual currencies including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority,” RBI had stated.

    In an email on 22 September,the RBI told Mint that the central bank’s stance on these currencies has not changed.

    Two years after the 2013 cautionary note, in December 2015, the RBI spoke about looking into blockchain—the underlying technology of bitcoin. And in June this year, it spoke about setting up a committee to study the benefits of blockchain technology for banks.

    “It’s not easy to regulate a technology that is as disruptive as bitcoin, since it’s highly decentralised. But we know for a fact that the RBI is not ignoring bitcoin and blockchain technologies, and intendS to regulate it. Last heard, the RBI is aiming to regulate crypto-currencies by 2017,” said Mohit Kalra, chief executive officer and founder, Coinsecure, a Delhi-based bitcoin exchange and trading platform.
    I am not quiet, I am plotting.
    ·
  • I trade in bitcoins. It is not banned nor its gonna happen in future. Blockchain technology is the future and in near future you may see banking institutions adopting blockchain technology.Recently ICICI has started some thing with blockchain technology.(no detail info.) Recently its prize hovers around 45000 i.e 1bitcoin= 45k. In future many outlets will start accepting bitcoins. it is step towards digital economy. and as @DrKingSchultz said RBI has formed high level committee to study feasibility of bitcoin for indian economy.
    ·
Sign In or Join to comment.

Courses by ForumIAS for CSE
ForumIAS is trusted by over 10,000+ students for their Prelims, Mains and Interview Preparation and we currently run several assistance programs to help students from Civil Services prelims preparation to rank upgradation to IAS. You can enroll for these programs by making the payment through the links below

1. Mains Guidance Program 2017 - July 1st : Batch C ( 24 Seats | 21 GS + Essay Tests ) | Test Plan | Payment Link |
2. Mains Guidance Program 2017 - 7th August : Batch D ( 50 Seats| 8 GS Tests ) | Test Plan | Payment Link
3. Current Affairs Classes for Mains 2017 (OFFLINE) - 16th August - ( 200 Issues for Mains 2017 ) | Class Plan | Enrollment Link
4. Current Affairs (Online) Classes for Mains 2017 - 20th August | Details | Enrollment Link
5. Prelims Test Series 2018 - Coming Soon 6. Mains Guidance Program for Mains 2018 - Coming soon

UPCOMING EVENTS by ForumIAS
1. Open Session on DAF Filling : What you fill in your Detailed Application form, will decide the marks you get in the Interview, the service that you will get and the state you will live in , for the rest of your life. Last but not the least, it will also decide who you will marry. Don't make mistakes. Join us for an open session on filling up the DAF. We will be assisted by ForumIAS Members who have secured a service or rank in this initiative.

Welcome!

We are a secret self-moderated community for Civil Services preparation. Feel free to join, start a discussion, answer a question or just to say Thank you.

Just dont spread the word ;)

Sign in or join with Facebook or Google

Subscribe to ForumIAS Blog