Reserve Bank of India Issues Warning Against Bitcoin Trading
The press release issued on Wednesday by Chief General Manager Jose J. Kattoor cautioned the holders of digital currencies against the potential security and customer protection related risks. The increased traction gained by Bitcoin in India as a result of the recent events including demonetization has caused the Reserve Bank of India (RBI) to issue a warning against the use of digital currencies, particularly Bitcoin. The press release issued on Wednesday by Chief General Manager Jose J. Kattoor cautioned the holders of digital currencies against the potential security and customer....
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The Reserve Bank of India has recently issued a notification against the use of Bitcoin, stating various risks associated with it. The traditional banking and financial sector is filled with hypocrites. On one hand, these institutions want to implement the distributed ledger technology introduced by Bitcoin, whereas on the other they don’t want to accept Bitcoin for what it is. The Reserve Bank of India has just proven it by issuing a warning against the use of Bitcoin. It is the second such warning against Bitcoin issued by the Reserve Bank of India. The recent notification follows the....
Several Indian bitcoin exchanges have pulled the plug and halted trading following a statement issued by the Reserve Bank of India (RBI) on Tuesday. The RBI warning advised consumers and investors to steer clear of bitcoin, citing numerous risks associated with digital currencies. The list of concerns outlined by the RBI was more or less standard - lack of regulation, security issues, rampant speculation and volatility. The RBI also pointed out that Indian bitcoin exchanges are operating without regulatory approval, which is hardly surprising given the fact that India does not have a....
On Tuesday the Reserve Bank of India (RBI) issued a statement warning the public against the use of virtual currencies. The bank cautioned users, holders and traders of virtual currencies about the potential financial, operational, legal, customer protection and security-related risks they are exposing themselves to. The bank pointed out that it has been keeping a close eye on developments in the virtual currency world, including bitcoins, litecoins, bbqcoins, dogecoins and other altcoins. "The creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised....
Following suit behind a number of other governments, the Reserve Bank of India (RBI) has issues a public advisory regarding bitcoin, making citizens aware of the potential financial, legal, and security risks behind the digital currency. The advisory came to their conclusions following "examining the issues associated with the usage of virtual currencies" in comparison with already-established legal and regulatory framework. "The creation, trading or usage of virtual currencies including Bitcoins are not authorised by any central bank or monetary authority. As such, there is no established....
Indian bitcoin enthusiast Venugopal Badaravada has pressed the Reserve Bank of India (RBI) for clarification after the regulatory body issued a virtual currency warning on 24th December 2013. Cyber law consultant, Na 'Naavi' Vijayashankar, who is based in Bangalore, made the representation to the RBI on behalf of Badaravada. "What we have [said to] the RBI is that they cannot leave the question of acceptance of bitcoin hanging. Whether the RBI agrees to accept it, or they are opposed to the concept of bitcoins, is something they need to clarify," Vijayashankar said. The December advisory....