RBI issues notification on data storage by payment companies

Apr 08, 2018, 01:02
RBI issues notification on data storage by payment companies

The Reserve Bank of India (RBI) has given banks three months to unwind their exposure to such exchanges.

The RBI has not responded to any of these angry tweets.

Nonetheless, the RBI on Thursday said that it recognizes the importance of blockchain technology and is now mulling possibilities of having a central bank-backed digital currency.

RBI had been repeatedly warning users and traders of virtual currencies including those of bitcoins to consider the several risks while dealing with cryptocurrencies. "The report will be submitted by end-June 2018", it added.

Speaking to the media, deputy governor of the RBI, BP Kanungo, said that "virtual currencies, also variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others".

UK Manufacturing Activity Maintains Steady Growth In March
In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. This is consecutively for the eighth months that the PMI remained above the mark of 50-point.

In the past RBI had already warned against the virtual currency.

The Reserve Bank of India has issued an order preventing banks and all other financial entities in India from dealing with cryptocurrencies, whether it is individuals or companies holding such digital assets and trying to park them with these institutions.

Bitcoin prices denominated in Indian rupees fell 27% on Friday, trading at a steep discount to the widely quoted Coindesk price index, according to data from CryptoCompare.

It has set up a panel to investigate cryptocurrencies and plans to appoint a regulator to oversee unregulated exchanges.

"While India continues to debate and hold back the mainstreaming of cryptocurrencies, our global counterparts in the USA, Japan, South Korea etc are moving forward and regulating cryptos".

Thompson thrives on ANA return
I love coming here, and the course can't be in any better shape. "The whole day it was pretty steady". On Thursday, everything worked, especially the putter as she needed only 26 strokes on the greens.

Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system.

Nevertheless, India still preserves its interest in a crypto coin.

News of RBI's consideration of a central bank digital currency comes as Kanungo also announced that the bank had directed regulated entities to cease their operations with companies and individuals related to digital currencies.

"The report indicates that the outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms", Radhakrishnan told the Lok Sabha in a written reply.

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AG Sessions Says No Second Special Counsel - For Now, Anyway
Nonetheless, his decision not to appoint a special counsel, at least for now, is nearly certain to disappoint Republicans. Sessions communicated his plans in a written response to three Republican chairmen on Capitol Hill.

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