BTC doesn't suit Indian Central Bank, but Fiat does

Indian Central Bank looks at Fiat cryptocurrency as a replacement for Rupee
13 September 2017   1233

India's Central Bank, The Reserve Bank of India (RBI), argued that blockchain tech could provide the necessary basis for the digitization of the rupee in January. 

Now, according to, RBI executive director Sudarshan Sen has indicated that this work is still in progress. However, the man highlighted that India is not interested in Bitcoin.

As regards non-fiat cryptocurrencies, I think we are not comfortable. Bitcoins for example. That's a private cryptocurrency. 

Sudarshan Sen
RBI executive director

Thus, the fiat cryptocurrency is to be issued by the Reserve Bank of India in place of the physical one.

Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.

Sudarshan Sen
RBI executive director

It is also worth mentioning that the RBI has been repeatedly raising concerns on virtual currencies like Bitcoin, claiming that they pose potential financial, legal, customer protection and security-related risks. 

MEW to Launch KYC-less Crypto Withdrawal

Service is available in Euro and Francs to all bank account holders with an international bank account number (IBAN)
21 February 2019   77

MyEtherWallet, a popular cryptocurrency wallet, in collaboration with the Swiss company Bity, introduced the Fiat service, which allows you to exchange digital assets for euros and Swiss francs without verification.

It is noted that the service is available to all bank account holders with an international bank account number (IBAN).

Bity is able to offer this kind of KYC-less Exit-to-Fiat gateway because it is compliant with the Swiss Anti Money Laundering Ordinance (AMLA). This, along with technology that helps verify proof of wallet-ownership, allows Bity to realize the friendliest kind of user experience — frictionless, secure AND regulatory compliant.

MyEtherWallet Team

To use Exit-to-Fiat, the user must specify Bity as the service provider in the asset exchange section. You will also need to provide a phone number, bank account details and a billing address.

This information is transmitted to Bity to comply with legal requirements and is not stored by MyEtherWallet.

The maximum transaction size is limited to 5,000 francs (about $ 5,000).