On Monday, the Bank of India said that it was unable to deal “with bitcoin transactions”, following a report by a cryptocurrency exchange that claimed that it would not accept deposits or withdrawals from the crypto-currency.
According to the report by Crypto Currency Trading Network (CCTN), which also reported on its website that its members have deposited more than $1.3bn in crypto-currencies, it would take six months to process a single transaction of $1,000 in bitcoin.CCTNC’s founder, Sanjay Narayanan, told the Hindustan Times that he and his team were waiting for “a few more months”, adding that the bank “would not be able to cope with the demand for bitcoin”.
According to CCTNC, the cryptocurrency industry is worth $6.5bn globally, with more than 40 million transactions made each month.
In a statement, the Reserve Bank of Canada (RBC) said that the Reserve Board of Governors had been made aware of the report, and the Reserve Banks of the G20 countries, the Organisation for Economic Co-operation and Development (OECD), and the World Bank were currently working on a response.
The Reserve Bank said that while it had no immediate comment on the report’s content, it was concerned that cryptocurrencies were being used for money laundering and terrorist financing.RBC chief economist Stephen Poloz said on Monday that the report was not new, but that the regulator had “seen some new things” in the cryptocurrency space.
“We will have to look at the report to see if we are making any adjustments to our regulatory approach to make sure that we are able to keep up with the evolving nature of the global economy,” Poloz told the National Bank of Australia.
In April, the Australian Competition and Consumer Commission (ACCC) announced that it had launched a competition to review the regulator’s approach to cryptocurrencies.
The ACCC competition is open to companies and individuals who are interested in making submissions on the subject.