RBI’s Report Leaves Indian Crypto Ecosystem in Rejoice, Says “Cryptos are not a threat.”

    While all other countries are vigorously tapping the blockchain opportunities, India seems ignorant by giving mixed opinions to the domestic investors about regulating or banning entirely.

    RBI’s Report Leaves Indian Crypto Ecosystem in Rejoice, Says “Cryptos are not a threat.”

    Cryptos are not a threat
    Cryptos are not a threat

    It all started when RBI commanded every bank in the country to stop dealing with crypto parties like traders and exchanges. In response, few affected exchanges jointly filed a case against RBI regarding it.

    And when finally RBI handed over this judgment Parliament, a committee was formed to study cryptocurrencies and their utility, thus by forming regulations.

    But they are lagging since then. And that’s what worries the domestic crypto ecosystem.

    The committee was formed on November 2017 and supposed to submit their analysis in later months. But its been a year and the government is no hurry in deciding about them.

    When asked by a fellow parliamentarian, Pon Radhakrishnan, the minister of state for finance had told the Lok Sabha on December 28:

    In absence of a globally acceptable solution and the need to devise a technically feasible solution, the department is pursuing the matter with due caution. It is difficult to state a specific timeline to come up with clear recommendations.

    Nevertheless, no regulation is still a piece of good news. So this happened with the new announcement by FSB through RBI’s report yesterday.

    In 2009, FSB (Financial Stability Board) was established with G-20 nations (includes USA, China, UK etc) to provide suggestions to its member countries regarding financial performance and stability. Though the recommendations received aren’t mandatory, they are followed to maintain standards.

    One such recent recommendation has made the thirsty crypto-nians glad.

    FSB said that “Cryptocurrencies are not a threat to financial stability” and this statement is subjected in RBI’s report. Though positive, RBI still says they would wait and monitor the rapid growth and adoption and may form norms in near future.

    Ohh did I say this?

    Yesterday’s Bitcoin Birthday! That means the Genesis block (first block) of Bitcoin’s blockchain was mined and it was well celebrated by Reddit users among the ecosystem.

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