Ring-fencing regulated entities from virtual currencies
Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.
Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs.
Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.
You might be familiar with the recent RBI Mandate
So we're here to make some facts clear straight up -
1. RBI DID NOT BAN cryptocurrency (they haven't)
2. The Government Blockchain Panel is yet to release guidelines or regulatory information around the trade of virtual currency.
3. Even according to the mandate, you have a period of 3-months to assure your security concerns regarding your previous trade.
4. BuyUcoin will continue to serve Indian users and the exchange services will remain active.
5. Even if the mandate is implemented as released and within the said duration, still there are multiple innovative ways that we will continue to explore that will ensure that the trading of cryptocurrency will remain active without the involvement of centralized entities like Banks or Popular Search Engines.
BuyUcoin will always be there with you in any situation and will help to it's extent in any situation.
At the end of the day, the goals are simple: Safety and security of its users.
In a Debate on Bloomberg Quint - BuyUcoin - Co-founder and CEO Shivam Thakral shares his views over this issue and address investor security concerns for Indian cryptocurrency trader over this show.