[2017-03-01] DNA: RBI Deputy Guv warns against virtual currencies like Bitcoin

[polynesia]

RBI Deputy Guv warns against virtual currencies like Bitcoin

http://www.dnaindia.com/money/report-rbi-deputy-guv-warns-against-virtual-currencies-like-bitcoin-2339028

Reserve Bank Deputy Governor R Gandhi today raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks.

He said such digital currencies are not created by any authority but more and more people have started accepting them. "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 at a Fin Tech conference organised by Ficci, Indian Banks' Association and Nasscom.

[zahra4577]

RBI Deputy Guv warns against virtual currencies like Bitcoin

http://www.dnaindia.com/money/report-rbi-deputy-guv-warns-against-virtual-currencies-like-bitcoin-2339028

Reserve Bank Deputy Governor R Gandhi today raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks.

He said such digital currencies are not created by any authority but more and more people have started accepting them. "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 at a Fin Tech conference organised by Ficci, Indian Banks' Association and Nasscom.

Despite a bitcoin supporter I think there is some truth in what mr R Gandhi has said.
Bitcoin is no doubt a risky investment for if it fail, there is no remedy.

[S_D]

RBI Deputy Guv warns against virtual currencies like Bitcoin

http://www.dnaindia.com/money/report-rbi-deputy-guv-warns-against-virtual-currencies-like-bitcoin-2339028

Reserve Bank Deputy Governor R Gandhi today raised concerns over virtual currencies such as Bitcoin and said they pose potential financial, legal, customer protection and security-related risks.

He said such digital currencies are not created by any authority but more and more people have started accepting them. "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 at a Fin Tech conference organised by Ficci, Indian Banks' Association and Nasscom.

Despite a bitcoin supporter I think there is some truth in what mr R Gandhi has said.
Bitcoin is no doubt a risky investment for if it fail, there is no remedy.

Or there could be a deeper truth to it, DABFI could help in curbing all those problems govt. has to shoot at bitcoin community. But its only their fear of loosing control that keeps them from supporting it.

[vaibhavsingh]

The government can't control it, or help you from scams frauds etc.
fools will loose it all, that's the only reason for that warning. 

[polynesia]

As expected, this has received wide coverage in the news media.
Some outlets have published more than 1 article on this.

http://indiatoday.intoday.in/story/virtual-currencies-pose-real-financial-risk-rbis-gandhi/1/894310.html
http://indianexpress.com/article/business/banking-and-finance/bitcoins-virtual-currencies-pose-financial-risk-says-rbi-deputy-governor-4550206/http://www.moneycontrol.com/news/economy/virtual-currencies-pose-real-financial-risk-rbis-gandhi_8578841.html
http://zeenews.india.com/economy/virtual-currencies-pose-real-financial-risk-rbis-gandhi_1982408.html
http://www.dnaindia.com/money/report-bitcoin-can-never-kill-hard-currency-says-rbi-2339620
http://tech.firstpost.com/news-analysis/rbi-deputy-governor-raises-concerns-over-adoption-of-virtual-currencies-such-as-bitcoin-364996.html
http://www.firstpost.com/business/rbi-says-virtual-currencies-pose-financial-legal-customer-protection-and-security-risk-3310302.html