There are ongoing plans to finally ban the use of cryptocurrency or virtual currency on the market as mode of payment. According to the Reserve Bank of India or RBI, cryptocurrencies will no longer be legal payment forms within the jurisdiction of India. Nevertheless, the RBI still shows support for Blockchain, the underlying technology that powers virtual currency and its uses.
RBI executive S Ganesh Kumar stated in a conference that Ethereum and Bitcoin will be officially banned so that it would be illegal to use these virtual currencies when you make transactions within India.
There are speculations that the ban would only be temporary though. Virtual currencies are currently now allowed for circulation in the country. However, it is deemed a temporary discourse because the RBI is still in support of the underlying Blockchain technology. Some industry players are wondering if the temporary ban could be lifted as soon as a more refined framework for cryptocurrencies will be discovered and used.
Bitcoin continuously becomes a powerful player in the world of virtual currencies, having the value of 1138656.66 rupees for one Bitcoin as of December 15th. The coin prices are spiking, which lead to more and more Indians adopting and praising the technology. According to researchers, the prediction on the Bitcoin value will be as huge as 5693283.29 rupees.
The seemingly contradictory moves of the Reserve Bank of India paved the way for more speculations as to the permanence of the ban and the length of time that it will be imposed. Predictions are also adding to the frenzy about cryptocurrencies as experts are saying Bitcoin values will skyrocket next year.
Virtual currencies will not have the spotlight in India-based transactions for now but temporary ban is laid on the table. With the prediction of sky is the limit for the virtual currencies, do you think it is worth considering crypto?