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RBI plan to launch own digital currency for India and plan to ban all private cryptocurrency

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Reserve bank of India is planning to launch its own digital money for India and its people and proposed a ban on all private crypto and digital money.

the governor of RBI Shashikanta Das talk to Indian news papers about the cryptocurrency on 5 Dec and told there that issuing currency is a matter of state and country and its related to the security of country so we can't allow any private party to launch their own currency parlor to govt. currency.he said that we will possed ban to all private currency project for India meanwhile they have an internal discussion and planning with the central bank for issuing own digital currency

governor said there

 "blockchain technology is still in the nascent stage at the moment, and it will take time to launch the cryptocurrency into the Indian market. It’s too early"

In July 2019, the Inter-Ministerial Committee (IMC) led by Subhash Chandra Garg, the secretary of Department of Economic Affairs (DEA) had submitted its report on a ban on cryptocurrency in India to the finance ministry

Moreover, IMC not only recommended a complete ban on cryptocurrency but also had proposed a jail term of one to 10 years for anyone involved in trading, exchanging or selling cryptocurrencies in the country.

here has been a buzz about India, China, and Russia developing their own fiat cryptocurrencies. While Dubai, Venezuela, and few other countries have already made their plans official, India’s crypto plans and developments have rather been on a slow track.

source:RBI news link news link

DECEMBER 06, 2019