Any user, holder, investor, trader dealing with Virtual Currencies will be doing so at their own risk, said RBI
GN Bureau | February 2, 2017
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
The Maharashtra government has ordered a probe into the tragic incident of oxygen leak at the Zakir Hussain Hospital in Nashik district, in which 24 Covid-19 patients on critical life support have died. Chief Minister, Uddhav Thackeray expressed grief over the tragic incident and announced
Refuting any political instability in the state, Jayant Patil, Maharashtra cabinet minister and state president of Nationalist Congress Party (NCP), has said the government is very stable and there are no differences among allies. The senior leader accused the opposition of ‘playing po
Amid a virulent second wave, as Mumbai scrambles for hospital beds, the civic authorities have said there was no need for panic since 3,685 beds were still available in the city for Covid-19 patients as of Tuesday evening. Also, after a surge there has been a decline with new cases coming down to 7,000-8,0
At a time when the country is fighting the virulent second wave of Covid-19 with daily cases upwards of 2,50,000, testing is of critical importance, but government-run labs are not only delaying reports, in one case there was a goof-up and a negative report turned to positive within a day. A
A political war erupted between the centre and Maharashtra over supply of essentials including medicines and oxygen as the state struggles to control the raging Covid-19 amidst scarce health infrastructure. Maharashtra has seen a consistent rise in Covid infections and recorded 67,123 new c
Countering the opposition BJP’s allegations of corruption in the procurement of Remdesivir, a critical anti-viral injection often prescribed for Covid-19 patients, the BrihanMumbai municipal corporation (BMC) has clarified that its decision to procure the drug was aimed at saving lives even if