Indian Central Bank rings alarm bells again!

The central bank is warning again this week about crypto currencies. This will be clear from a Tuesday press release on the website of the country’s highest fiscal authority. For the first time, the document also mentions Initial Coin Offerings (ICOs).

The Reserve Bank of India (RBI) confirms its rejection of crypto currency by the nationwide rejection.

India’s alarm bells are catching attention again: For the second time since February this year, the central bank warns against crypto currencies, specifically Bitcoin and, for the first time, ICOs.

In the news release released on Tuesday, Dec. 6, the South Asian country’s central bank is renewing its past warning to users and traders. Thus, the authority, responsible for the monetary policy of the rupee, points out that their attitude would remain unchanged. There are still no licensing efforts for crypto currencies.

fitness-bank

“[The] RBI has clarified that it has not granted any party / company a license / authorization to trade or use Bitcoin or any other digital currency”,

it says in the press release literally.

While the renewed warning is not a groundbreaking change in RBI’s stance, it does shed light on the growing markets of virtual currencies, and especially ICOs, for the first time. These would have experienced a “rapid sprint”.

Rather, these renewed warnings confirm India’s opposition to the growing influence of cryptocurrencies in the country.

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Categories: Crypto Currency

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