 |
February 12, 2014, 10:02:41 AM |
|
Government today said the Reserve Bank of India (RBI) is examining legal and security aspects of virtual currencies like bitcoins or litecoins.
“The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations,” Finance Minister P Chidambaram said in a written reply in the Rajya Sabha.
The Reserve Bank of India (RBI) in last December had cautioned users, holders and traders of virtual currencies about potential financial, operational, legal, customer protection and security-related risks that they are exposing themselves to.
Chidambaram said the public at large has been informed that creation, trading or usage of virtual currencies as a medium of payment are not authorised by any central bank or monetary authority.
“No regulatory approvals, registration or authorisation has been obtained by entities concerned for carrying on such activities. As such, they may pose several risks to their users,” the Finance Minister said.
|
