The Reserve Bank of India (RBI), the country’s central bank declares that it is watching Bitcoin; however, it does not have any intention of regulating it right now. Bitcoin, a virtual currency gaining extreme popularity among customers and net users around the world has been subject to a lot of debate; however, the government of India does not seem to poke too much.
Answering to the question what is the stand of the Reserve Bank of India on Bitcoin, a spokesperson for the organization said that as of now it is watching and learning about the developments in Bitcoin. He at the same time rules out that the body is mulling any plan to regulate it right now.
Change in Stand Possibly Tactical
Earlier this year, the organization had admitted that virtual currencies pose challenges in the form of regulatory, legal and operational risks, now; this change in its stand seems influenced by the declining value of its national currency. Indian government may also take a cue from the US wherein it has now been accepted as a currency.
Indian Users Concerned About the Existing Policy
Whereas governments all over the world are clearing their stand on Bitcoin, the government of India is still following a wait and watch policy which is running the Indian customers’ patience out as they too expect that the government should clear it as early as possible. The Indian Bitcoin customers want the government to accept it and consider it as a legitimate currency.
Bitcoin supporters in India hope that regulators in the country would recognize it as a legitimate currency. They view that such a measure will help Bitcoin get acceptance from one of the fast moving economies in the world. Even the users will benefit if RBI could regulate Bitcoin or take ownership of it.
Increasing Bitcoin User Base in India
Although there are over 11 million Bitcoins, worth over $1.2 billion, India does not have a centralized Bitcoin exchange. Whoever is buying Bitcoin, he is doing it online.
The number of users is around 23,000 who all have an online Bitcoin wallet, an online store for Bitcoin.
Bitcoin supporters in India believe that sooner or later Indian government will have to take a stand on Bitcoin as has been the case with other countries; however, delay is not serving the purpose well as it generates confusion and nothing else.
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