[2017-04-09] HT: Use virtual currency at your own risk, RBI cautions citizens

[polynesia]

Use virtual currency at your own risk, RBI cautions citizens

http://www.hindustantimes.com/mumbai-news/use-virtual-currency-at-your-own-risk-rbi-cautions-citizens/story-I6EdhQJ7sDTzaAlSwcj3vL.html

The Reserve Bank of India (RBI) told the Bombay high court that it had not licensed or authorised any company to operate virtual currency schemes or deal in bitcoin and other virtual currencies. “People are using virtual currency at their own risk,” states the RBI’s affidavit filed in the high court in response to a public interest litigation (PIL) by city resident Dr KS Pillai in December 2016.

The RBI said it had “cautioned the users, holders and traders of virtual currencies, including bitcoins, about potential risks that they are exposing themselves to”.

The court had earlier ordered the RBI to respond to the PIL, which raised concerns over the legality and security of virtual currencies — such as e-wallets — purportedly operated by non-banking entities.

[buysellcryptocoin]

How is it different from saying that "'Mutual Fund investments are subject to market risk. Please read the offer document carefully before investing' says the disclaimer in the every advertisement of the mutual fund."

[rajasumi3]

Everything is risky .even as pointed out before mutual funds are too , so whats the use of using bitcoins if you are afraid .government would take care of our money and investing in bitcoins would be good idea rather than open savings which points out to be disastrous.

[@prashant]

How is it different from saying that "'Mutual Fund investments are subject to market risk. Please read the offer document carefully before investing' says the disclaimer in the every advertisement of the mutual fund."

Exactly it is same but the only problem that government see in it that its decentralised ,so they are not approving it.investing btc or eth is much more profitable and less risky than mutual fund as different companies are planning to use blockchain technology.

[deadley]

How is it different from saying that "'Mutual Fund investments are subject to market risk. Please read the offer document carefully before investing' says the disclaimer in the every advertisement of the mutual fund."

Exactly it is same but the only problem that government see in it that its decentralised ,so they are not approving it.investing btc or eth is much more profitable and less risky than mutual fund as different companies are planning to use blockchain technology.

lol, BTC and ETH are less risky then Mutual Fund. Are you joking. Which mutual fund loose 15-20% in 1 day. If you invest in Mutual fund for long term there is very rare chance you will loose. But in BTC we can't say that. We don't know what is the future of BTC or ETH.