Although Bitcoin is currently unregulated in India, the Reserve Bank of India (RBI) has sent mixed signals about its stance on Bitcoin. At the end of 2014, the RBI’s Governor described Bitcoin as “fascinating” and said that “down the line, we will be moving towards primarily a cashless society and we’ll have some currencies like this which will be at work.”
More recently, however, the RBI has expressed concern regarding the lack of restrictions on Bitcoin transactions. In August, the RBI’s Deputy Governor gave a speech at Indian banking conference FIBAC in which he emphasized that “cryptocurrencies have been widely suspected to finance criminal activities.” He said that while Bitcoin and similar innovations “have the potential to be disruptive,” they “may not be of so desirable, or may be of questionable, relevance and merit.”
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