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

Understanding Bharat’s history from its own perspective

Eminent Distorians: Twists and Truths in Bharat`s History By Utpal Kumar BluOne Ink, 334 pages

‘MAGA’ + ‘MIGA’ = ‘MEGA’ partnership for prosperity: Modi

Prime minister Narendra Modi has linked the dream of a Viksit Bharat with US president Donald Trump’s slogan, ‘Make America Great Again’, or ‘MAGA’, saying that when these two democracies work together, i.e. ‘MAGA’ plus ‘Make India Great Again’ (‘

ONOE: Anti-federalism or pro-reform?

The government`s move to implement ‘One Nation, One Election’ (ONOE) has ignited widespread debate. On one hand, it offers tangible benefits, such as removing the possibility of a governance paralysis and reducing election costs. On the other hand, the opposition and sections of civil society s

PM Surya Ghar: Muft Bijli Yojana completes first year

On February 13, 2025, the PM Surya Ghar: Muft Bijli Yojana (PMSGMBY) will mark its first anniversary, celebrating a year of empowering households with affordable solar energy and accelerating India’s transition to a sustainable future. Launched by prime minister Narendra Modi on Febru

How to leverage AI to solve urgent global issues

The world seems to be hurling towards World War III in all the possible scenarios: hot war, cold war, and proxy war. The battleground seems to have expanded beyond physical to digital or virtual/mixed reality with technology like drones. Moreover, the line between civilian and military targets seems to hav

Budget: Progress towards SDGs and areas for improvement

The Union Budget 2025-26 outlines India`s vision for economic and social growth while also reflecting the country`s commitment to sustainable development. As India moves closer to the 2030 deadline for the United Nations’ Sustainable Development Goals (SDGs), this budget presents a balanced approach

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