Bitcoin [BTC] banned in India – Reserve Bank of India releases an official statement

The Central Bank of India, Reserve Bank of India [RBI] released a press statement saying that Bitcoin and other cryptocurrencies are officially banned in India. Along with this statement, they went ahead to say that they will be launching their own fiat currency.

RBI will be introducing their own Central bank of digital currency whose sole responsibility will be to handle and regulate the fiat currency. The complete report regarding the same will be submitted by the end of June 2018.

In the official statement, the Central Bank says entities regulated by RBI will not be dealing with or provide services to any business or individual dealing with cryptocurrencies effective immediately due to the risk it possesses. The RBI will be providing a 3 months notice period to stop providing services for entities already providing services related to virtual currencies.