The governor and two deputy governors made statements about Bitcoin during gatherings and gave their views. The Reserve Bank of India (RBI) deputy governor R Gandhi’s 25th August speech at the FIBAC 2015 banking conference in Mumbai focused on innovative developments:
- "What is crypto currency? Crypto currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank."
- "What is crowdfunding? Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet. Crowdfunding is a form of alternative finance, which has emerged outside of the traditional financial system."
- "Do these developments have potential implications for financial inclusion? Yes, of course; they both can assist financial inclusion and therefore inclusive growth. Crypto currency can support activities which do find difficulties in settling such transactions in the normal ways. The crowdfunding can help some funds needy person or entity, in searching and locating those who have the particular aptitude and willingness to help that person or entity, as only such people / entities respond to the crowdfunding call. This way both can support financial inclusion."
Earlier, in a program RBI Governor Raghuram Rajan remarked on the central bank’s policy toward digital currencies and said that more investigation is necessary before the central bank decides to take any action.
