You may be able to use virtual currency soon; Government in favor of digital money

You may soon be able to use digital currency, as the government is working on technology to make it a reality. According to sources, work on national virtual currency is under way and will be examined even if the technology can be used for other purposes. According to sources, the report should be prepared by September

The Reserve Bank of India (RBI) also set up a committee in April of this year to study the feasibility of introducing a " digital currency of the central bank ", considering the economic situation efficiency of digital currencies. The report was to be presented by the end of June.

Furthermore, according to the sources, the government can issue the final guidelines relating to cryptocurrencies within the first week of September. The government is in talks with RBI, SEBI and other interested parties.

The government has thought of a digital currency at a time when it has banned banks from handling cryptocurrency trade. On 6 April, the RBI gave a window of three months that all banks and entities regulated by the RBI should interrupt their transactions with the cryptocurrency trade. As a consequence of the RBI directive, all banks have stopped managing cryptocurrency trading since 6 July 2018. As a result of the banking ban, while many exchanges have closed their trade, others have started to negotiate on a peer-to-peer basis where the money is transferred directly between the buyer and the seller, without an exchange account in between.

On the cryptocurrency trade, RBI, Deputy Governor BP Kanungo said in the press briefing in April that he followed the two-day meeting of the RBI Monetary Committee "The Reserve Bank has repeatedly warned users, holders and traders of virtual currencies, including Bitcoins, regarding the various risks associated with the management of such virtual currencies In view of the associated risks, it was decided that, with immediate effect, the entities regulated by RBI must not process or provide services to any natural or legal person who regulates or terminates VCs The regulated entities that already provide such services must exit the relationship within a specified period. "

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