India’s Ambiguous Stance on Bitcoin Transaction

India's Ambiguous Stance on Bitcoin Transaction

Although the Reserve Bank of India recently issued a warning against transacting using Bitcoin, yesterday they stated that they won’t be regulating Bitcoin transactions.  KC Chakrabarty, Deputy Governer of RBI said “Regulation comes only when people are doing certain business and we come to understand that something wrong is happening. First of all we don’t understand this subject.”  He continued that “at present what we are saying is neither we regulate them nor we support them”  This is a surprising statement considering that it comes just days after Enforcement Directorate officials raided the offices of two Bitcoin exchanges in Ahmadabad, and The owners of the two exchanges are being charged with violating the Foriegn Exchange Management Act, and officials are analyzing their transaction data for illicit activity.  For now, India’s regulatory stance towards bitcoin transaction remains inconsistent and unclear.

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