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Central Bank Of India (RBI) May Grant Legal Tender Status To Bitcoin

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Indian Central Bank Drafts Regulation For Bitcoin Implementation

Indian Central Bank, RBI is looking at granting a legal status to Bitcoin as well as some other forms of virtual currencies. For the same purpose, RBI has established a working committee to cater to drafting of legal status for such digital currencies. The latest tactics adopted by RBI will provide massive inertia to India’s position in the top crypto centric nations of the world in days to come. However RBI has not set forward a plan for bringing home this regulation.

Regulatory bodies are togging with the apt definition of Bitcoin given its nascent nature and large number of speculations surrounding the same. Some governments are following a very strict approach for handling the same whereas others are turning a deaf ear to regulation implementation from the fear of associated confusions which are bound to follow.

( Also Read : Bitcoin In India-Demonetisation Failure Makes Bitcoin The Clear Winner )

Indian government has not been very welcoming to the digital currency form in the past. However, RBI’s move is a clear indication of the brand new open-minded attribute  of the Central Bank. Restrictions will follow suit as cryptocurrency usage in India will surely be extremely benefitted by adhering to the legal path which can make the end goal easily attainable.

Experts hold varied views regarding the Bitcoin protocol as the same cannot be controlled by the officials who have sovereign power for implementing it. The maximum they can do is impose restrictions and guidelines which might bottle down innovation in the long run.

In spite of the current downtrend, the cryptocurrencies have the massive potential of unleash tremendous financial growth which just cannot be ignored. Off late the cryptocurrency enthusiasts are suffering from certain doubts most of which is associated with the Chinese ban on ICO. But they are also hopeful that the current situation will undergo a paradigm change and the value of Bitcoin will again cross the $5000 USD mark in days to come.

(Also Read: Notable Growth In The Bitcoin Market in India, says Finance Minister )

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