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

Bangladesh to get high-speed diesel from Numaligarh refinery

A sale-purchase agreement was signed between Numaligarh Refinery Limited (NRL) and Bangladesh Petroleum Corporation (BPC) for supply of high speed diesel (HSD) through the proposed 131 km Indo-Bangla friendship pipeline.    The agree

Ajay Maken fails to charm Delhi

The dismal performance of the Congress in the Municipal Corporations of Delhi elections forced party chief Ajay Maken to announce his resignation, ending an energetic effort to revive the party in the national capital.   Ajay Maken, now 53, had taken over as the chief

AAP in hot water following MCD poll debacle

The BJP’s clean sweep is not just a referendum on the Arvind Kejriwal government, but also could mark the beginning of the end of one of India’s youngest political parties, the Aam Aadmi Party (AAP). After the Bharatiya Janata Party’s massive win in the UP assembly elections, th

Will make Delhi corruption free: Manoj Tiwari after BJP win

In an interview with Governance Now after BJP’s victory in all the three municipal corporations of Delhi, Delhi BJP president Manoj Tiwari said that the focus will be on sanitation and effort will be to make Delhi free of corruption. What are BJP`s immediate goals a

NBCC to get technology from Poland for energy efficient buildings

In order to jointly promote, develop and adopt external thermal insulation and composite systems (ETICS) solutions technology in construction of highly energy efficient green buildings, NBCC (India) Limited and Bolix, SA of Poland have inked a memorandum of business exploration (MoBE).  

Shiva Sanjari talks about her documentary on the first woman filmmaker of Iran

Iranian documentary filmmaker Shiva Sanjari is known for her documentary Here the Seats are Vacant, about the first woman filmmaker of Iran. The movie was shown at the 13th International Association of Women in Radio and Television (IAWRT) Asian Women’s Film Festival.



Video

फिर खिला कमल, कांग्रेस-आप का हुआ बुरा हाल

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter