The indian central bank closes the door to Bitcoin and other crypto-currencies

Recently, it has been already mentioned, the position of India concerning digital currencies. Indeed, in the world of finance, crypto-currencies may be one of the most intriguing. However, this has not managed to impress the indian central bank. The director of the central bank has in effect declared that the digital currency will not be allowed in the country.

He explained that India will not use the crypto-currencies such as Bitcoin, as a means of payment. Comments for Ganesh Kumar are likely to put an end to the rumors regarding the legitimacy of crypto-currencies in India.

Here is a video detailing these facts :

India is keen to exploit the potential of the technology Blockchain

Despite their position on crypto-currencies, Kumar has shown the significant potential of the technology Blockchain. Moreover, he said that the indian banks are relying on this solution to allow foreign transactions, shipments, international funds, and other financial operations.

In the past few months, we hear of the reduction of the use of crypto-currencies by the government, even if an official announcement to ban their use is still awaited. The indian central bank had previously expressed their intention to create a crypto-currency. She had indicated that the government had no confidence in the virtual currency, existing.

A market still very small

The market of crypto-currencies in India is very small. Also, the Bitcoin is only accepted in some restaurants. A number of exchanges of digital currencies allow users to make payments for the purchase of movie tickets or books. This solution is used as an investment option.

This determination is not fun to businesses or individuals exchanging such virtual currency. Sandeep Goenka, a co-founder of Zebpay, a company that exchanges of Bitcoins, said that they were going to do everything possible to educate the government on the crypto-currencies.

Source : Quartz