Reserve Bank of India cautions people about trading in Bitcoins
Mumbai, Dec 6 (IBNS): The Reserve Bank of India has cautioned people about the use of Virtual Currencies (VCs) including Bitcoins.
The RBI cited its earlier warnings on the issue and said in a statement: "Attention of members of public is drawn to the Press Release issued by the Reserve Bank of India (RBI) on December 24, 2013, cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs."
The bank further said: "Vide press release dated February 1, 2017, RBI has also clarified that it has not given any licence/authorisation to any entity/company to operate such schemes or deal with Bitcoin or any VC."
Cautioning people and expressing its concern once again, the RBI said: "In the wake of significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns conveyed in the earlier press releases."
Image: Wikimedia Commons
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