Rbi cautions against use of bitcoins

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BETTING ON FOOTBALL ILLEGAL

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The Reserve Bank of India RBI has cautioned the users of virtual currencies, including bitcoins, pointing out that it has not issued any licence or authorisation to any company to trade in these and that the users are doing it at their own risk. The RBI had earlier cautioned the users, holders and traders of virtual currencies, including bitcoins, about the potential financial, operational, legal, customer protection and security-related risks that they are exposing themselves to.

Also read: Bitcoins rally in India on the demonetisation move. There have been several reports of usage of these currencies for illicit and illegal activities in several jurisdictions, which could subject the users to unintentional breaches of anti-money laundering laws and laws combating the financing of terrorism, it added.

No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities. Virtual currencies being in digital form are stored in electronic media that are called e-wallets. Therefore, they are prone to losses arising out of hacking, loss of password, compromise of access credentials and malware attack.

Since they are not created by or traded through any authorised central registry or agency, the loss of the e-wallet could result in permanent loss of the currency held in those. Payments by these currencies take place on a peer-to-peer basis without an authorised central agency which regulates such payments. As such, there is no established framework for recourse to customer disputes. Huge volatility in their value has been noticed in the recent past. Bitcoins are being traded on exchange platforms set up in various jurisdictions whose legal status is unclear.

Payments by these currencies take place on a peer-to-peer basis without an authorised central agency which regulates such payments. As such, there is no established framework for recourse to customer disputes. Huge volatility in their value has been noticed in the recent past. Bitcoins are being traded on exchange platforms set up in various jurisdictions whose legal status is unclear.

Hence, its traders are exposed to legal as well as financial risks. The central bank has said that it has been looking at the developments relating to certain electronic records of virtual currencies such as bitcoins, litecoins, bbqcoins and dogecoins, their usage and trading in the country. Skip to content Main Menu. Mobile Search.