Crypto currency neither currency nor money: RBI gives affidavit to SC

New Delhi: The   Reserve Bank of India (RBI) filed an affidavit in the Supreme Court on Thursday in the Crypto currency case. The central bank said in its affidavit that there is no legal recognition of crypto currency like bitcoin. The bank said that crypto currency is neither currency nor money. Not only this, the central bank also said that  there is no recognition in its  legitimate payment system . RBI said that it has already warned the bank and the public about its risk. The committee is also looking into other aspects of this. 

What is the case
Bitcoin is a virtual currency. Anyone can buy it through an online exchange. Apart from taking advantage of its trading, it is also used for payment. At present, the price of one bit of coin in India is around 65 thousand rupees. RBI has banned it. Under the decision of the Central Bank, you cannot buy bitcoins through banks or e-wallets. This step was taken after the increasing fraud cases of cryptocurrencies. The RBI had asked all the regular entities including the bank not to provide services to companies dealing in crypto currency currency like bitcoin. This instruction was given by the central bank with the intention of protecting the interests of customers and curbing money laundering.

Steps taken in keeping with the interest of customers,
after its first bi-monthly monetary policy review of FY 2018-19, RBI also said that new technology innovations including virtual currency will improve the efficiency of the financial system and make it more inclusive. Will be The central bank said, “However, the practice of virtual currency called cryptocurrencies and crypto assets has increased concerns about protection of consumer interests, fairness in the market and money laundering among other things.”

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