India Regulatory Clarity Bitcoin – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

India Regulatory Clarity Bitcoin – Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides



Indian founders engaged on bitcoin exchanges and merchants face a complete gamut of questions daily, starting from “Will I be arrested?” to “Will my firm be shut down?” to “Will my financial institution accounts be frozen?” Understanding the nation’s laws and navigating the authorized curler coaster could be tough. As an instance, the next timeline of occasions pertaining to the nation’s stance on regulating bitcoin from the previous couple of years is revealing.

In 2018, the Reserve Financial institution of India (RBI) announced to all its regulated entities, together with banks, to stop providers to people and companies coping with bitcoin and different digital currencies. Following this, in October 2018, the founders of Unocoin had been arrested by the Central Crime Department (CCB) for organising a kiosk in a mall. The kiosk allowed money deposits in alternate for bitcoin. Calling it a Bitcoin “ATM” sparked confusion as ATMs want a banking regulator’s approval.



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