India’s Central Bank — Legal system can’t recognize cryptocurrency


The Reserve Bank of India (RBI) can’t make up its mind on cryptocurrency. In the middle of July, after it had previously ordered banks not to work with any crypto‐based organizations, it substantiated that position, claiming that crypto had no value and that they “encourage illegal transactions.” A few days later, it suggested that the Supreme Court of India should regulate the industry to help protect consumers, which implies a certain degree of legitimacy. However, it has now backtracked somewhat, telling the Supreme Court that cryptocurrencies cannot be recognized due to the country’s existing legal framework.

As reported in Business Today, which quoted CNN, RBI told the court that digital currencies are “neither currency nor money; they can’t even be considered as a valid payment system.”

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