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

Air Pollution: What needs to be done to tame the silent killer

Air pollution in Delhi has been in headlines, as every year in recent times. Mumbai too has suffered from air pollution, despite being a coastal city. Apart from many other metros such as Bangalore and Kolkata, tier-I and -II cities and rural areas also have high pollution levels. Every year reports and st

Free food grains for 81.35 cr beneficiaries for five years

The central government will provide free food grains to about 81.35 crore beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for a period of five years with effect from January 1, 2024, the cabinet decided on Wednesday. Terming it as a “historic decision”, a

“I wrote ‘Survival at Stake’ to provide food for thought about solutions”

Survival at Stake: How Our Treatment of Animals Is Key to Human Existence By Poorva Joshipura HarperCollins, 328 pages, Rs 499 With science now recognising animal consciousness, intelligence, emotion, and even morality, there must rise an awareness of

‘Bon Voyage’ through the Arctic: Exploring new horizons for India

India`s tryst with trade through the Arctic regions, including the Northern Sea Routes (NSR), has become an impact-making endeavor recently. The Arctic of yore is now a pivot – point of geopolitics, of climate change discussions, and for economic opportunities; 40% of oil and gas reserves said to be

Demystifying Contemporary Finance Theory and other lessons in investment

Investing Decoded: Simple Path To Building A Portfolio In Millions By Anirudh Rathore Penguin India, 320 pages, Rs 499

Deepfake: India to prepare four-point action plan

Deepfake has emerged as a serious threat to democracy and social institutions across the world. Propagation of deepfake content via social media platforms has aggravated this challenge. Ministry of Electronics and Information Technology (MeitY) has, from time to time, advised social media in

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter