Banks, Corruption and Crypto: Can Bitcoin Change India?

Monday, March 24, 2014

Last December, the Reserve Bank of India (RBI) issued a warning on digital currencies noting that the bank had not yet authorized any organisation in India to use cryptocurrencies as a method of payment.

As a result, several bitcoin exchanges in India suspended operations, and at least two were raided by government officials, including Buysellbitcoin.in.

Yet, just days later, a deputy governor of the RBI seemed reluctant to concede that it was the bank’s job to regulate digital currencies. Soon after, one exchange, Unocoin, was back in operation.

Source: CoinDesk (link opens in a new window)

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banking, bitcoin, digital currency, digital payments, governance