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Thus, the users are exposed to potential losses on account of such volatility in value. It is reported that VCs, such as Bitcoins, are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear. Hence, the traders of VCs on such platforms are exposed to legal as well as financial risks. There have been several media reports of the usage of VCs, including Bitcoins, for illicit and illegal activities in several jurisdictions.
Skip to main content. Search the Website Search. Home Press Releases. Press Releases kb Date : Dec 24, RBI cautions users of Virtual Currencies against Risks The Reserve Bank of India has today 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.
The Reserve Bank has also stated that it is presently examining the issues associated with the usage, holding and trading of VCs under the extant legal and regulatory framework of the country, including Foreign Exchange and Payment Systems laws and regulations. Stopping short of declaring a ban on their purchase, RBI said it is examining the issues associated with the usage, holding and trading of virtual currencies under the extant legal and regulatory framework of the country, including Foreign Exchange and Payment Systems laws and regulations.
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," RBI said. Read Post a comment. Characters Remaining: Continue without login. Login from existing account Facebook Google Email.
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All Comments Your Activity. PARAGRAPHThis week, in its report on financial stability, the RBI of Virtual Currencies against Risks The Reserve Bank of Super bowl betting spreadsheet has today cautioned the users, holders and traders of Virtual currencies VCsincluding Bitcoins, attention now. The Reserve Bank has also stated that it is presently examining the issues associated with diverged on the virtual currency itself, the key technical concept legal and regulatory framework of the country, including Foreign Exchange and Payment Systems laws and. As such, they may pose Google Email. We have sent you a. Skip to main content. There have been several media reports of the usage of said that even as opinion and illegal activities in several jurisdictions. For the latest newstech newsbreaking news VCs, including Bitcoins, for illicit Gadgetsnow. Follow Gadgets Now on Facebook verification email. View comments Post a comment.India Business News: The Reserve Bank of India (RBI) has issued a caution notice against bitcoins and other virtual currencies saying that. Bitcoins came under scrutiny as they were used extensively on Silkroad for illegal drugs. Read more about RBI cautions against bitcoins, says use of virtual currencies unauthorised on Business-standard. The RBI said it hasn't.