QuikWallet
New member
Hello Dash community - thank you for your support. Our intent was to put up a detailed Proposal by the end of last week, but our plans have been scuttled. After a lot of planning and a couple of months of dev effort, we have to scrap the entire roadmap and go back to the drawing board. Our goal was to increase adoption for crypto currencies in India by making it easy to Buy/Sell/Send/Receive, Spend and Hodl with a strong focus towards Dash.
On Thursday last week (5th April), we were all set to post our Proposal here on this thread, but around 5 PM IST, we received a notification about a press release from the Reserve Bank of India. Here is the link to the Press Release - https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574
The release specifically stated -
12. Central Bank Digital Currency
Rapid changes in the landscape of the payments industry along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The Report will be submitted by end-June 2018.
13. Ring-fencing regulated entities from virtual currencies
Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.
Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.
This was followed up a circular issued the next day - https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11243&Mode=0
Reserve Bank has repeatedly through its public notices on December 24, 2013, February 01, 2017 and December 05, 2017, cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies.
2. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of VCs.
3. Regulated entities which already provide such services shall exit the relationship within three months from the date of this circular.
4. These instructions are issued in exercise of powers conferred by section 35A read with section 36(1)(a) of Banking Regulation Act, 1949, section 35A read with section 36(1)(a) and section 56 of the Banking Regulation Act, 1949, section 45JA and 45L of the Reserve Bank of India Act, 1934 and Section 10(2) read with Section 18 of Payment and Settlement Systems Act, 2007.
Since we are a Reserve Bank of India regulated "Payment Systems Operator", we can no longer support crypto currencies.
We now have to remove wallets for all crypto currencies that we'd added in the QuikWallet App because of this draconian step taken by the Reserve Bank of India.
We haven't lost hope and we're having intense strategy discussions internally to formulate a plan towards our goal of increasing adoption in India. This means we will now have to domicile a separate entity outside India - everything is on the cards now.
Thank you once again!
On Thursday last week (5th April), we were all set to post our Proposal here on this thread, but around 5 PM IST, we received a notification about a press release from the Reserve Bank of India. Here is the link to the Press Release - https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574
The release specifically stated -
12. Central Bank Digital Currency
Rapid changes in the landscape of the payments industry along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The Report will be submitted by end-June 2018.
13. Ring-fencing regulated entities from virtual currencies
Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.
Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately.
This was followed up a circular issued the next day - https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11243&Mode=0
Reserve Bank has repeatedly through its public notices on December 24, 2013, February 01, 2017 and December 05, 2017, cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies.
2. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of VCs.
3. Regulated entities which already provide such services shall exit the relationship within three months from the date of this circular.
4. These instructions are issued in exercise of powers conferred by section 35A read with section 36(1)(a) of Banking Regulation Act, 1949, section 35A read with section 36(1)(a) and section 56 of the Banking Regulation Act, 1949, section 45JA and 45L of the Reserve Bank of India Act, 1934 and Section 10(2) read with Section 18 of Payment and Settlement Systems Act, 2007.
Since we are a Reserve Bank of India regulated "Payment Systems Operator", we can no longer support crypto currencies.
We now have to remove wallets for all crypto currencies that we'd added in the QuikWallet App because of this draconian step taken by the Reserve Bank of India.
We haven't lost hope and we're having intense strategy discussions internally to formulate a plan towards our goal of increasing adoption in India. This means we will now have to domicile a separate entity outside India - everything is on the cards now.
Thank you once again!
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