India’s Central Bank: cryptocurrency are not means of payment

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Representatives of the regulator stated that the current legislation does not imply the use of digital money.

Reserve Bank of India (RBI) believes that cryptocurrencies can be used as a means of payment, writes Coingeek. The regulator has reminded that currently the country has no legal framework for control industry digital money.

The Supreme court is now considering the process between RBI and cryptocurrency trading platforms. The next meeting on this matter will be held on September 17. Local companies blamed the Central Bank in an unconstitutional decision and demand to cancel the ban on working with digital money.

At the end of July there appeared information that the Indian government has studied the market and is preparing to introduce new rules for its regulation. A new legal framework can be presented in September.

More news on cryptocurrency can be found in our telegram channel RBC-Crypto.

 

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