Merely weeks after cautioning residents that bitcoin companies weren’t authorized or licensed to operate in the country, India’s central bank is reportedly not including bitcoin under the purview of regulations for digital payments. In essence, the cryptocurrency will not be legitimized as a legal form of payment or settlement in an economy which is the world’s largest receiver of remittances, anytime soon. Claim Your $500 worth of Bitcoin Digital payments and financial technology (Fintech) solutions have caught on rampantly amongst the Indian society in recent times, particularly after a sweeping, unprecedented cash crunch brought on by the government’s demonetization drive. In light of these new innovations, the Payments and Settlement Systems Act of 2007 [PDF], the code by which payment systems are regulated, was amended to include digital payment gateways and platforms. The amended regulations will look to deem physical cash and d...
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