RBI also says Virtual currencies and crypto-assets are terms that can be used interchangeably
My Comment: Recently Subhash Chandra Garg wrote a blog saying VCs are too many and hence useless.
Names like: Arun Jaitely, Theresa May, Warren Buffet, Jack Ma and many more
RBI: We strongly disagree.
RBI says even if there was a way to identify if the recipient is not Indian.
RBI says the volatility in price makes it difficult to enforce such regulations.
RBI: RBI has not prohibited Virtual Currencies in India. RBI has simply directed entities to note provide services to businesses or person dealing in VCs.
RBI says even if assumed people are dealing in Cash, the downside of not having the Banking ban is way more.
RBI says the IT act as it exists may not be adequate to address Cyber crime issues such as these.
RBI put in a lot of effort to answer to the IAMAI representation. It remains to see what the counsels on the IAMAI have to say about it.