India's cenbank reiterates warnings about trading in Bitcoins

Sensex falls 205 points after RBI holds rate banks bleed

Sensex falls 205 points after RBI holds rate banks bleed

India's central bank issued its first warning against bitcoin in December 2013, telling adopters that the "creation, trading and usage" of bitcoin as a medium of payment wasn't authorized by any central bank or monetary authority, at the time.

With a public notice on December 5, India's central bank has - once again - cautioned adopters ("users, holders and traders") of cryptocurrencies like bitcoin about "potential economic, financial, operational, legal, customer protection and security related risks" in dealing with VCs (virtual currencies).

Vide press release dated February 1, 2017, RBI has also clarified that it has not given any licence/authorisation to any entity/company to operate such schemes or deal with Bitcoin or any VC.

Citing its earlier warnings on the subject, the central bank said, "in the wake of [a] significant spurt in the valuation of many virtual currencies (VCs) and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns", reports PTI. "VCs being in digital form are stored in digital/electronic media that are called electronic wallets. Since they are not created by or traded through any authorised central registry or agency, the loss of the e-wallet could result in the permanent loss of the VCs held in them", the RBI had said. As such, their value seems to be a matter of speculation.

It has been reported that VCs, such as Bitcoins, are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear and are in financial risks.

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