Bitcoin gets the Boot

Naavi.org has been consistently voicing its demand that Bitcoins should be banned in India and instead RBI should consider floating a crypto currency regulated by RBI.

At last RBI seems to have taken one decisive step which has been interpreted by the media as “Banning of Crypto coins”.

In a statement released by RBI it has been stated that

“Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time.”

At the same time, RBI has also indicated that it is exploring the possibility of introducing its own Crypto coin for which a committee will be formed to give its recommendations.

Naavi.org welcomes both the developments.

Naavi

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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