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

BJP will win all 26 LS seats from Gujarat in 2019: Vijay Rupani

Gujarat chief minister Vijay Rupani has claimed that the BJP will win all 26 Lok Sabha seats in the state in 2019 polls, thus repeating the 2014 general elections victory. Rupani was interacting with a group of reporters in Gandhinagar on Wednesday. Confident of the BJP’s win, Rupani denied C

Mumbai development plan 2034: Citizens, experts raise concerns

A public meeting was organised by the Urban Design Research Institute (UDRI) in Mumbai to discuss the concerns of citizens and urban planners on the recently released Mumbai development plan (DP) 2034.   The citizens and experts have expressed concerns regarding the shortage of time to

Actor Denzil Smith talks about his love for stage and more

Denzil Smith is a stage and film actor who has featured in several Indian and international productions that have achieved both critical and commercial success. Gurinder Chadha’s Viceroy’s House was based on partition in which he played the role of Jinnah. He also appeared in The Lunchbox a

Can the JD(S)-Congress combine give stable government in Karnataka?

Can the JD(S)-Congress combine give stable government in Karnataka?

Making palliative care child’s play

Sneha Sena is a unique attempt to integrate education and healthcare by bringing school children into the field of palliative care. In Kerala’s Alappuzha district, a government medical officer has decided to create an army of student volunteers to be part of the government’s pain

An African salient

To counter Beijing’s aggressive agenda in the Indian Ocean, New Delhi is seeking to create strategic bastions in Mauritius, Seychelles and Madagascar. The immediate provocation was China’s inauguration of its first overseas military base in Djibouti, in the Horn of Africa.

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter