India’s central bank is exploring the creation of a digital currency even as it escalates a crackdown on existing instruments such as bitcoin.
The Reserve Bank of India has set up a panel to study the desirability and feasibility of introducing a virtual currency, and the group will submit its report by the end of June, the RBI said in a statement on Thursday. However, it also said it is banning banks and other regulated entities from providing services to users, holders and traders of cryptocurrencies.
