The central bank of India has stepped in to ban the use of virtual currencies as a form of payment. Reserve Bank of Indian (RBI) while showing support for the underlying Blockchain technology that powers cryptocurrencies it has stopped the virtual currency from use.
At a conference in November in Mumbai RBI executive S Ganesh Kumar made remarks that made it obvious that Bitcoin and Ethereum would not legally be allowed to be used within India. Perhaps it’s only temporary? Even though its cryptocurrencies are being currently stopped from circulation it could only be temporary. Because the RBI has shown support for the underlying technology It could be a temporary ban until more refined cryptocurrency framework is rolled out.
Even during this period of controversy Bitcoin itself has continued to power forward. As of Dec 15th 1 Bitcoin is worth 1138656.66 Rupees. Many Indians who were early adopters of the technology are singing its praises as the coin prices have spiked.
Researchers around the world are speculating that this time next year one bitcoin could be worth as much as 5693283.29 Rupees. What is your opinion? Do you think the sky is the limit with Crypto? Or do you think a giant bubble is forming. Let us know in the comments!