India are planning to release their own cryptocurrency

Rajan Dhall, MSTA FX Daily

India have been refusing to make cryptocurrencies legal and the court case against the Reserve Bank of India has been delayed once again.

The Reserve Bank of India have banned the public from using cryptocurrencies like Bitcoin and maybe we have just found out why.

According to reports on Friday afternoon the central bank are planning to release their own. Shaktikanta Das the governor of RBI, noted that the issuance of the cryptocurrency is coming as a sovereign mandate.

Meanwhile, the ban on cryptocurrencies remains in place until the court release another date. Two months ago, the Pune City police in India reportedly seized 85 million Rupees (USD 1.2 million) realized from the sale of 244 confiscated bitcoins due to RBI’s regulation on cryptocurrencies.

Also, there have been many other cases of fraud and improper business activity related to digital currencies in the nation.

It was also said that any launch of an Indian cryptocurrency will not be handed over to a private company, as there is a huge challenge around money laundering.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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