An elected official for India’s central bank has said the government is working on a policy for Bitcoin and other digital currencies in the country.
Indian business daily Economic Times, ran a story claiming the Reserve Bank of India official was the guest speaker at an event in Kolkata where a reporter asked if the bank would embrace cryptocurrency in India. While not disclosing all the details, the central banker confirmed the governments plan to introduce a regulatory policy to regulate Bitcoin.
India is one of the world’s fastest-growing economies, and will be the number one fastest next year and there has been a surge in Bitcoin and cryptocurrencys. In August, India's fiance minister Arun Jaitley said the Bitcoin market has grown significantly.
India's authorities are debating over a cryptocurrency policy while Ripple has expanded with a new office in India this year. Ripple, the currency that powers the bank friendly blockchain Ripple, is the world’s third largest cryptocurrency and has a market cap of $10 billion.
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