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RBI reiterates its concern over use of virtual currencies

Dec 5 • Business, Top Stories • 53 Views • No Comments on RBI reiterates its concern over use of virtual currencies

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The Reserve Bank of India, RBI has reiterated its concern over the use of Bitcoins and other virtual currencies saying it has not issued licenses or authorisations to companies to trade in these currencies.

Earlier on two occassions, the RBI has cautioned 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 RBI has once again reiterated its concern in the wake of significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs).

Bitcoin is a cryptocurrency and a payment system accepted in certain parts of the world. It is a decentralised digital currency which simply means it works without central repository.

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