According to a source, John Nehmatallah from US Big Coin, llc. and IMS (International Monetary Specialists) John is also the holder of a US Patent that provides a time-stamping “method and system for currency exchange” which will greatly enhance the transparency of the cash conversion process at the POINT OF CONVERSION (POC) on any Exchange Currency Platform. This could be EXACTLY What Global SEC’s are looking for which is to combat Foreign crypto currency hackers and thwart cyber security attacks for years to come. Other banking institutions are looking farther into his system of POC and finding there can be no better system to stop cyber theft of crypto digital assets or currency theft by unsecured exchange sites.
John Nehmatallah further says “The Reserve Bank of India (RBI) has given banks three months to unwind their exposure to such exchanges”. In its first policy statement for the current fiscal year, the bank said that financial institutions can no longer deal with entities that trade in virtual currencies such as Bitcoin.
Currently there are around FIVE Million digital currency users in India.
“No other crypto user in India had foreseen this coming, and it comes as quite a blow. People are trying to exit as they feel they won’t be able to cash out after three months,” Sathvik Vishwanath, co-founder of Unocoin, said “Selling volumes in Bitcoin are as high as 1.5 times in a single day and the price has gone down by 10% of what it should preferably be.” stated The BBC’s – Devina Gupta.
“In view of the risks, it has been stated 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 [virtual currencies],” the bank said in a statement.
As if things aren’t bad enough, The RBI’s statement has left crypto-currency exchanges in India in unrest, much like the deregulation with the SEC in the USA causing some people to bail on Bitcoin and other cryptocurrencies as a result. Imagine for a moment that ALL exchanges would employ the IMS patent as part of their banking system for POC (Point of Conversion) with reporting?
Still some experts say that investors in India can hold on to their Bitcoin and other digital currency and can also trade in cash or through a foreign bank account.
However, Before the most recent statement, the Indian government had previously issued several warnings about the “economic, financial, operational, legal, consumer protection and security-related risks” of virtual currencies such as Bitcoin.
Disclaimer: The author owns cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
Follow us: @USBIGCOIN | or visit us at https://www.IMS.money for more information
Crypto News Journalist – Joseph Hughes