Indian central bank looks to block Bitcoin, while creating its own cryptocurrency

India’s central banking authority, the Reserve Bank of India (RBI), has announced that it will cease doing any sort of business with anyone or any business that deals with cryptocurrencies. In the same breath however, it has made it clear that plans to create its own cryptocurrency continue unabated.

India’s Ministry of Finance has previously criticized Bitcoin for its volatility and lack of “intrinsic value,” as CoinTelegraph highlights, but this latest move by the RBI is the most impactful yet. It has given those currently involved in the cryptocurrency trade within India three months to sell off their remaining assets or relocate their business, as from that point the RBI will not support the trade of cryptocurrencies.

The reasoning behind this move is said to be over “concerns of consumer protection, market integrity, and money laundering.” That last point was doubled down on in a press conference, where the deputy governor of the RBI said that cryptocurrencies undermined efforts to prevent money laundering. He also said cryptocurrencies have the potential to “endanger financial stability” if allowed to grow too large.

Although the move doesn’t outright ban cryptocurrencies — doing so would be rather difficult, anyhow — this end of service support is likely to have a big impact on India’s use of cryptocurrencies. The RBI regulates all banks within the country, so maintaining a bank account in India while trading in cryptocurrencies will be exceedingly difficult.

This comes at a strange time in India since, while the RBI has criticized existing cryptocurrencies like Bitcoin, it has expressed interest in the underlying blockchain technology. Citing the escalating costs of dealing with, transporting, and producing physical money, it has suggested that it may develop its own cryptocurrency as a potential future solution.

If this does come about, the cryptocurrency would be state-backed and therefore act more like a digital version of traditional currencies, with little decentralization. In that fashion, it might operate a little like the Ripple (XRP) cryptocurrency, which has received a good deal of support from banks and governments in other countries.

For now, many Indian cryptocurrency users and evangelists hope that this decision of a block of services to crypto-users is overturned. As one crypto-economist pointed out, making it hard to buy cryptocurrencies with bank transfers is just more likely to see people use peer-to-peer trades and over-the-counter cash transactions, which are far harder to regulate.

Wearables

Hublot’s newest luxury watch costs $25,000, and you can only pay in Bitcoin

The Hublot Big Bang Meca-10 P2P is the latest luxury timepiece from the watch brand, and is a special limited edition made to commemorate the 10th anniversary of Bitcoin. Eager buyers must use the cryptocurrency to buy one.
Gaming

The best free-to-play games you can play right now

Believe it or not, free-to-play games have evolved into engaging, enjoyable experiences. Here are a few of our favorites that you can play right now, including Warframe and the perennially-popular League of Legends.
Movies & TV

The best shows on Netflix, from 'The Haunting of Hill House’ to ‘The Good Place’

Looking for a new show to binge? Lucky for you, we've curated a list of the best shows on Netflix, whether you're a fan of outlandish anime, dramatic period pieces, or shows that leave you questioning what lies beyond.
Computing

Nearly 700,000 websites are hacked in bid to steal cryptocurrency

In the latest cryptocurrency hack, up to 700,000 websites were targetted in a breach which primarily aimed to steal virtual currencies through a malicious script on websites running Statcounter code. 
Computing

Should you buy the affordable MacBook Air, or is the MacBook Pro worth the price?

Though they both share Retina Displays and similar keyboards, there are still some specs differences and other changes which distinguish the new 2018 MacBook Air and MacBook Pro. In this guide, we stack the two up against each other.
Computing

Want to save a webpage as a PDF? Just follow these steps

Need to quickly save and share a webpage? The best way is to learn how to save a webpage as a PDF file, as they're fully featured and can handle images and text with ease. Here's how.
Computing

After a month of bugs, the Windows 10 October 2018 Update is finally here

After more thoroughly investigating and resolving all bugs and related issues, Microsoft is announcing the Windows 10 October 2018 is again rolling out to consumers starting today, November 13. 
Computing

Installing fonts in Windows 10 is quick and easy -- just follow these steps

Want to know how to install fonts in Windows 10? Here's our guide on two easy ways to get the job done, no matter how many you want to add to your existing catalog, plus instructions for deleting fonts in the process.
Computing

Changing file associations in Windows 10 is quick and easy with these steps

Learning how to change file associations can make editing certain file types much quicker than manually selecting your preferred application every time you open them. Just follow these short steps and you'll be on your way in no time.
Emerging Tech

New simulation shows how Elon Musk’s internet satellite network might work

Elon Musk has the dream of building a network for conveying internet traffic via thousands of satellites. A new simulation created by a computer scientist looks at how feasible the idea is.
Computing

A dead pixel doesn't mean a dead display. Here's how to repair it

Dead pixel got you down? We don't blame you. Check out our guide on how to fix a dead pixel and save yourself that costly screen replacement, or an unwanted trip to your local repair shop.
Computing

Great PC speakers don't need to break the bank. These are our favorites

Not sure which PC speakers work best with your computer? Here are the best computer speakers on the market, whether you're working with a tight budget or looking to rattle your workstation with top-of-the-line audio components.
Computing

Printing to PDF in Windows is easy, no matter which method you use

Microsoft's latest operating system makes it easier than ever to print to PDF in Windows, but there are alternative methods for doing so, even if you want to forgo Adobe Acrobat. Here's how.
Computing

These are the 5 best free antivirus apps to protect your MacBook

Malware protection is more important than ever, even if you eschew Windows in favor of Apple's desktop platform. Thankfully, protecting your machine is as easy as picking from the best free antivirus apps for Mac suites.