Could India be Looking to Research and Develop their Own Cryptocurrency?
By Luke F – Cryptocurrency Speculator
A group of Indian finance ministers may recommend launching a government-backed cryptocurrency as reported by Quartz India. A senior government official has said they are considering the government-backed cryptocurrency and crypto-token with the intention to develop blockchain technology. This could give the government an opportunity to cash out crypto.
In December 2017 a panel was set up by the finance ministry to propose measures for regulation to buy and sell cryptocurrency. There has been a delay on submitting the report and no answers have been sent yet to confirm this. The government’s plan appears to be in line with the Reserve Bank of India’s (RBI) proposal. This bank has been examining the viable options for launching a government backed digital coins.
An anonymous executive said in the article, “if a virtual currency is going to be backed by the government then it goes against the whole grain of such coins, these are essentially decentralised ledgers, and if the government or the RBI is trying to control it, then it loses its meaning.” There are concerns that a government backed cryptocurrency may ban other digital currencies even making it a punishable offense to own and sell Bitcoin.
Other countries like Venezuela have already started to introduce a government backed digital currency with the Petro. As Venezuela produce the second largest amount of crude oil, they’ve based the price of their cryptocurrency on the previous days barrel of oil. Iran are considering launching their own virtual currency too.
RBI have suggested to name their digital currency Lakshmi, the goddess of wealth in Hindu. Selling crypto and trading will help reduce the cost of printing paper currency for the bank. If all banks looked to use digital currencies, cheap cryptocurrency would be a more cost-effective choice for transactions.
Don’t forget to head over to BC Bitcoin for all your news and services to buy and sell cryptocurrency.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards