“Our current position on bitcoins,” Reserve Bank of India’s (RBI) Executive Director, S Ganesh Kumar stated, “is that we will not be using it for any payments and settlements…though the technology underlying cryptocurrencies will not end.”

Mr. Kumar chose the Hotel Trident, Nariman Point, Mumbai, home this year to one of Asia’s largest banking conferences to make his statement. “This annual flagship conference has become the marquee event in the calendar of members of the entire banking and financial sector fraternity in the country,” the conference’s website hyped.