RBI to Ban Regulated Entities From Dealing With Crypto

The Reserve Bank of India has given 3 months to regulated entities like banks to unwind their positions with the entities related to cryptocurrencies
05 April 2018   127

The Reserve Bank of India has forbidden regulated organizations to provide services to any private person or company whose activities are related to cryptocurrencies. This is reported by Bloomberg Quint.

The central bank gives such organizations, including banks, 3 months to break off relations with cryptocurrency companies, said the deputy head of RBI Bibhu Prasad Kanungo.

Thus, the last decision of the regulator is aimed at undermining the infrastructure that serves traders and other members of the market The possession and trading of cryptocurrencies is not currently a violation of the law.

At the same time, the regulator intends to support the blockchain based solution development for financial market to increase transparency.

Despite the ban imposed, RBI supports the idea of ​​issuing state crypto-currency.

These are issued by the central bank and are considered the liability of the central bank. They will be in circulation in addition to the paper currency that we have. It also holds the promise of reducing the cost of printing notes.
 

Prasad Kanungo

Deputy Governor,  RBI

The Reserve Bank of India has set up a special committee, which is studying the possibility of issuing state cryptocurrency. 

Consensus 2018 summit to be held in New York City

4th annual blockchain technology summit - Consensus 2018, will take place in New York City on May 14-16
22 April 2018   32

CoinDesk has announced its 4th annual blockchain technology summit Consensus 2018 on May 14-16 at the New York Hilton Midtown. Along with the discussions on the blockchain technology, the event is going to feature a hackathon, PoW pitch competition and a scholarship award in a partnership with Zcash. Title sponsors of the event include bloq, Deloitte, Ledger, Octagon Strategy and SONM.

Consensus 2018 will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy. Among the notable speakers there will be Blockstack co-founder Dr. Muneeb Ali, J.P.Morgan blockchain program lead Amber Baldet, eToro CEO and founder Yoni Assia, Hyperledger executive director Brian Behlendorf, ConsenSys founder Steve Cerveny, Athena Capital founder Meltem Demirors and many others.

The full 3-day agenda of the event can be found here.