The Reserve Bank of India(RBI) on Tuesday Dec 24,2013 warned the public against the use
of virtual currencies such as Bitcoin, pointing out that users expose
themselves to potential financial, legal and security related risks.
The public advisory comes after the borderless digital currency has
begun to gain widespread acceptance in India, despite poor Internet
penetration and a natural scepticism to assets not backed by tangible
entities such as land.
The central bank also said that it had been “examining the issues
associated with the usage of virtual currencies” under the legal and
regulatory framework of the country.
“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 framework for recourse to customer problems,”
the RBI said in a statement
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