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The Silicon Review Asia

Reserve Bank of India is all set to launch its own digital currency

Reserve Bank of India is all set to launch its own digital currency

Reserve Bank of India (RBI) banned the public from using cryptocurrency in India and it furthermore had the banks banned from providing any services to crypto entities. Recently RBI announced that it will launch its own version of digital currency and it is expected to be released in appropriate time. Still, the RBI’s stand in banning private crypto entities will remain unchanged. Shaktikanta Das, the governor of RBI stated that issuance of cryptocurrency will not be handed to private entities because it is a sovereign mandate and also there are high chances for money laundering. RBI is against the idea of having a private entity deal with cryptocurrency but, it recently held several meetings to launch a digital currency of its own.

According to the RBI governor, it is too early to launch a cryptocurrency in India because it is still in the rookie-level so it will take some time to reach the Indian market. The decision to ban private cryptocurrency choked several startups and other companies related to that. Companies like Unocoin had to lay off almost 50 percent of its employees and many crypto exchanges like Coinome, Zebpay, and Koinex shut down their operations in India because of the ban. Along with the ban, there is also a jail term of 10 years for anyone involved in selling, trading or exchange of cryptocurrencies.

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