RBI cautions about Bitcoins -Governance Now

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

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