ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Indian Officials Considering Ban On Private Use Of Crypto

By

Nathan

Graham

WriterETHNews.com

India seems to be inching closer to an all-out crypto ban.

On Tuesday, October 30, the 19th meeting of the Financial Stability and Development Council (FSDC) was held in India. Attendees included India's finance minister, the head of the securities board, and the governor of the Reserve Bank of India (RBI). During this meeting, attendees discussed a possible ban on the private use of cryptocurrency, according to an official October 30 press release

The RBI, the country's central bank, has taken a negative stance against the use of digital currency within the country as far back as 2013.

On December 24 , 2013, the RBI published a letter on its website cautioning the citizens of India against the use of cryptocurrencies. In this letter, the RBI pointed out that no central bank had authorized cryptocurrencies as a medium of payment, and the public should avoid using digital currency given the risk of financial loss. It cited volatility in price, concerns over the legality of trading in digital currency, and the potential for it to be used for illegal activities.

In April of this year, the RBI solidified its stance against cryptocurrency when Chief General Manager Jose J. Kattoor issued a statement that effectively banned financial service providers regulated by the RBI from providing any financial services to cryptocurrency-linked businesses or individuals.

Although the ban stopped banks and other financial service providers regulated by the RBI from participating in the cryptosphere, it did not ban citizens from mining, owning, or using digital currency, and it did not prohibit store owners from accepting crypto as a form of payment.

But on Tuesday, the FSDC "deliberated on the issues and challenges of Crypto Assets/Currency and was briefed about the deliberations in the High-level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to ban use of private cryptocurrencies in India and encouraging the use of Distributed Ledger Technology."

The wording of the announcement strongly suggests Indian officials are considering prohibiting Indian citizens from exchanging crypto for fiat or other digital coins and stopping store owners from accepting digital currency in exchange for their wares. However, it does not mention prohibiting the public from mining, purchasing, or simply owning digital currency.

This announcement could be a sign that the Indian government is ready to take control over the regulation of cryptocurrency in India. Just last week, India's Supreme Court gave the government two weeks to come up with an official stance regarding cryptocurrency.

Nathan Graham

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest India, RBI or other Ethereum technology news.