Economy

RBI Considering to Introduce its Own Cryptocurrency Similar to Bitcoin

RBI Considering to Introduce its Own Cryptocurrency Similar to Bitcoin”

"They are not JPMorgan orders", a spokesman said in an email to Business Insider."These are clients purchasing third party products directly".

Bitcoin declined slightly last week after JPMorgan CEO Jamie Dimon stated that it was a fraud comparing it so the tulip bulb mania of the 17th century.

Menant also stated that "It's also important to remember that the crackdown in China was targeting the activities of the local exchanges for not complying with the Chinese financial regulatory environment and not a crackdown on bitcoin and blockchain technologies". "If we have a trader that trades bitcoin, I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are unsafe", he said at an investor conference.

The country has already been cracking down on big commercial bitcoin trading exchanges.

Bitcoin refused to slow down on Monday even though reports continued to circulate that Beijing had made a decision to move forward with a crackdown that would see it hit with a wide range of sanctions in China, one of its biggest markets.

Along with JPMorgan, more than a dozen banks, including Morgan Stanley, Goldman Sachs Group Inc and Credit Suisse Group AG, have acted as brokers for buying and selling Bitcoin XBT on Nasdaq's Stockholm-based exchange, according to Swedish online bank Nordnet AB.

No matter how much Dimon wants to vilify bitcoin and other cryptocurrencies, all signs point to the virtual currency being here to stay. CBOE Holdings Inc has applied with USA regulators to handle a bitcoin futures contract and an exchange-traded fund.

CEO Nobuyuki Hirano spoke with CNBC during an appearance at a conference in Singapore.



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