RBI has issued warning against virtual currencies along with ICOs

[TigerMart]

Attention of members of public is drawn to the Press Release issued by the Reserve Bank of India (RBI) on December 24, 2013, cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs.

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.

In the wake of significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns conveyed in the earlier press releases.

https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=42462

[bitcoinveda]

India’s Central Bank posts third bitcoin warning. No one is listening.

https://news.vice.com/story/india-central-bank-bitcoin-warning

[kabit9]

India’s Central Bank posts third bitcoin warning. No one is listening.

https://news.vice.com/story/india-central-bank-bitcoin-warning

 

[dvabit]

India’s Central Bank posts third bitcoin warning. No one is listening.

https://news.vice.com/story/india-central-bank-bitcoin-warning

Everyone has own choice, where they want to invest and they choose cryptocurrency.

[dulari1]

it is our money , it is our choice where we invest .. why RBI is over reacting on it ??
tell me one simple thing - we also invest in shares and IPOs of new companies .. if any share or IPOs value go down then who bear the loss ?? only investors .. right ?
so in case of bitcoin too we are investing on our own risk .. we are already ready for any bad news ..
.
instead of giving warnings , RBI should make bitcoin a legal currency ..

[TucoRamirez]

it is our money , it is our choice where we invest .. why RBI is over reacting on it ??
tell me one simple thing - we also invest in shares and IPOs of new companies .. if any share or IPOs value go down then who bear the loss ?? only investors .. right ?
so in case of bitcoin too we are investing on our own risk .. we are already ready for any bad news ..
.
instead of giving warnings , RBI should make bitcoin a legal currency ..

RBI is concerned about money laundering, which is impossible to prevent with BTC.

[erikalui]

How many warnings will they give? And if they want to apply taxes, they just need to make it clear. Also, this is an old news which keeps getting published from time-to-time.

[akhjob]

I think that the RBI is going to continuously give such statements so as to avoid more increased adoption of bitcoins by the common folks of India. Most Indians don't look into the technical side of it, some don't have the capability to understand while some don't bother looking into it. The Government and RBI will be trying to regulate them, which cannot be achieved so they'll probably come with their own cryptocurrency. So if they are able to stop few investments into Bitcoins, those investments will likely be invested into the cryptocurrency the RBI / GOI comes up with. So basically block the investment into Bitcoins and fund their project. That what I think.

[dongamk]

latest info about regulation- https://imgur.com/a/cSnTY

[TigerMart]

How many warnings will they give? And if they want to apply taxes, they just need to make it clear. Also, this is an old news which keeps getting published from time-to-time.

Not an old news. Check the date of publication of the RBI link I have provided in OP. U r confusing it with 2 previous warning that RBI issued before.

[rawat26]

I think that the RBI is going to continuously give such statements so as to avoid more increased adoption of bitcoins by the common folks of India. Most Indians don't look into the technical side of it, some don't have the capability to understand while some don't bother looking into it. The Government and RBI will be trying to regulate them, which cannot be achieved so they'll probably come with their own cryptocurrency. So if they are able to stop few investments into Bitcoins, those investments will likely be invested into the cryptocurrency the RBI / GOI comes up with. So basically block the investment into Bitcoins and fund their project. That what I think.

I m sure RBI governor himself investing in Bitcoin and ICO's to make early bird profit.. 

[synapsisxxx]

This kind of bullshit preaching does have its effect,  but sadly the current norms with banks and their rules is such that many people are extremely frustrated with the banking system. Only time will tell what will happen,  and good luck to the RBI enforcing this lol

[BitKira]

I think the RBI's concerns are quite genuine, although the media is potraying it as if the RBI is deterring investors from cryptos, in reality the "warning" was more of a PSA for the masses to invest responsibly.

[Blackshadow007]

it is our money , it is our choice where we invest .. why RBI is over reacting on it ??
tell me one simple thing - we also invest in shares and IPOs of new companies .. if any share or IPOs value go down then who bear the loss ?? only investors .. right ?
so in case of bitcoin too we are investing on our own risk .. we are already ready for any bad news ..
.
instead of giving warnings , RBI should make bitcoin a legal currency ..

RBI is concerned about money laundering, which is impossible to prevent with BTC.

Agree with it , RBI is only concerned about Black Money and Money Laundering which is quite impossible to prevent with any crypto .