[2017-03-07] Firstpost: Bitcoin regulation: How India compares to the the world

Bitcoin regulation: How India compares to the rest of the world in the regulatory approach to bitcoin

http://tech.firstpost.com/news-analysis/bitcoin-regulation-how-india-compares-to-the-rest-of-the-world-in-the-regulatory-approach-to-bitcoin-365489.html

Bitcoin has hit an all time high of $1,200 (approx Rs 80,000) based on talks of the first US Bitcoin exchange-traded fund getting approval from the Securities and Exchange Commission. In India, Bitcoin is selling for over Rs 1,00,000 per bitcoin in Bitcoin trading apps such as Unocoin. Reserve Bank of India Deputy Governor R Gandhi recently pointed out the risks associated with Bitcoin transactions at a FinTech conference.

“We can see that in these types of virtual currencies there is no central bank or monetary authority. They pose potential financial, operational, legal, customer protection and security-related risks,” Gandhi said. “My arguments against virtual currencies stem from two elements — the concept of confidence and anonymity. The currency should be able to sustain these two elements forever. It will impair its exalted status once either of these two elements gets affected.”