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Wednesday, December 25, 2013

Reserve Bank of India(RBI)Warns Against Bitcoins Use Tuesday Dec 24,2013


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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