RBI cautions about Bitcoins

Any user, holder, investor, trader dealing with Virtual Currencies will be doing so at their own risk, said RBI

GN Bureau | February 2, 2017


#RBI   #Banking   #Reserve Bank of India   #Bitcoins   #virtual currencies  

The Reserve Bank of India has cautioned about virtual currencies, including Bitcoins.

The RBI advised that it has not given any licence / authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader dealing with virtual currencies will be doing so at their own risk.

Read: Can we step back and look at Bitcoins again?

In 2013, the RBI had cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to.

It had said that the creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities. As such, they may pose several risks to their users.

Read: RBI’s 2013 direction on virtual currencies
 

Comments

 

Other News

Battle over cattle, Delhi govt schools lead the way and, why we must return to Gandhi & Tagore

On May 23 this year, the ministry of environment issued ‘Rules on prevention of cruelty to animals (regulation of livestock market)’ with the purported aim of regulating animal markets. When one reads the rules – notwithstanding the lame efforts from union ministers to issue clarificati

BEML unveils 9 MW capacity windmill park

  BEML, a mini ratna category-1 enterprise of the defence ministry, has set a target of using 100 percent renewable energy for its own consumption.   In this connection, BEML’s 9 MW Windmill Park installed at Bagalkot District in Karnataka was recently

BHEL registers increase in intellectual capital

  Bharat Heavy Electricals Limited (BHEL), a Maharatna enterprise, has recorded nearly 14 percent growth in its intellectual capital in 2016-17 fiscal. During the year, a record 508 patents and copyrights were filed by the company, translating into filing of nearly two patents/copyrights

NALCO partners with CII, Odisha for outreach programmes on GST

  National Aluminium Company Limited (NALCO) has joined hands with the Confederation of Indian Industries (CII), Odisha, to organise outreach programmes for industries and other stakeholders on GST implementation.   Series of interactive programmes are being

EPFO inks MoU with HUDCO for Housing for All by 2022

  Taking prime minister Narendra Modi’s vision of ‘Housing for all by 2022’ forward, Employees` Provident Fund Organisation (EPFO) has amended the EPF Scheme, 1952 to provide assistance in acquiring affordable houses to the EPF members by allowing withdrawal from PF to

IndianOil LPG import terminal to reduce refill backlog in Kerala

IndianOil is currently transporting bulk LPG from Mangalore to various LPG bottling plants in north Kerala through about 100 bullet trucks every day, which ply on narrow highways. A pipeline connecting the proposed LPG import terminal to Kochi Refineries Limited and the LPG bottling plants at Udayamperoo



Video

पाकिस्तानी सेना कैमरे में कैद करना चाहती थी ये हमला

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter