Reserve Bank of India Says Cryptocurrencies are “Negative” and Don’t Provide Anything New to The Economy

Reserve Bank of India Says Cryptocurrencies are “Negative” and Don’t Provide Anything New to The Economy

The Reserve Bank of India will not even bother to study the possibility of testing the impact of crypto and similar virtual tokens on the development of a new regulatory framework for fintechs. In a document entitled “ Draft Enabling Framework for Regulatory Sandbox ,” India’s leading financial authority explains that it studied several recent technologies, but stressed that crypto currencies, ICOs and other services based on blockchain technologies were counterproductive for the country’s economy. An indicative negative list of products/services/technology which may not be accepted for testing is as follows: – Credit registry – Credit information – Crypto […]

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