Crypto Market News Update: Indian officials consider banning private use of cryptocurrency

Officials in India met to discuss potential ban on private use of cryptocurrencies.
In December 2013, the RBI released a letter advising against the use of digital currencies.

Ken Chigbo Independent Analyst

A meeting was held recently in India with the Financial Stability and Development Council (FSDC). India’s finance minister, the head of the securities board, and the governor of the Reserve Bank of India (RBI), were all in attendance discussing the digital currency market.

The officials during their meeting, discussed the potential for banning private use of cryptocurrencies. This isn’t the first time India and cryptocurrency ban have been used in the same headline.

Back in December 2013, the RBI had published a letter on their website, which was cautioning Indian citizens against using cryptocurrencies. They highlighted the concern of how no central bank had authorized cryptocurrencies as a means of payment. Advising that the public avoid the use of digital currencies.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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