Centre soon to set up panel to decide on bitcoin policy: Report

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BitcoinThe Central Government is planning to set up a panel to decide the fate of bitcoin in India.

The reports pertaining to this latest development came after the cryptocurrency recently surpassed $19,000 last week and the Reserve Bank of India (RBI) warned the users to restraint from the usage of virtual currencies.

Last week, the central bank reiterated its stand on virtual currencies including bitcoin and said, “It has not given any licence or authorisation to any entity or company to operate such schemes or deal with Bitcoin or any VC.”

“In the wake of the significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns,” said RBI.

The bitcoin recently witnessed a significant rise and emerged as a trendsetter in the banking industry. The currency nearly touched $1,000 in January 2017 and rose to over $19,000 last week.

As per the President of Blockchain.com, Nicolas Cary, over 2,500 Indian Users trade cryptocurrencies every day.

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