[2014-08-08] Moneylife: Can Bitcoins Remain Unregulated?

[polynesia]

Can Bitcoins remain unregulated?

http://www.moneylife.in/article/can-bitcoins-remain-unregulated/38388.html

Opening sentence - the system reeks of a lack of transparency and Bitcoins have exhibited a characteristic typical of a highly speculative market
 

[btcxindia]

Money Life speculated wrong information. Check this ; they mentioned press release of RBI and given a link http://rbi.org.in/press%20release; seems broken( But RBI will never publish broken links).The author has written some thing by his own comments and writen as  a RBI press statement. There was no such statement in RBI records.

[polynesia]

Money Life speculated wrong information. Check this ; they mentioned press release of RBI and given a link http://rbi.org.in/press%20release; seems broken( But RBI will never publish broken links).The author has written some thing by his own comments and writen as  a RBI press statement. There was no such statement in RBI records.

I noticed the broken link. The publishers probably goofed up in the url.

Here is the correct link to the RBI press release.
http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247

[btcxindia]

In that press statement RBI concluded that
"The Reserve Bank has also stated that it is presently examining the issues associated with the usage, holding and trading of VCs under the extant legal and regulatory framework of the country, including Foreign Exchange and Payment Systems laws and regulations".

Its typical system and technology ;hence it takes time to regulate.But the author commented on his own views and wroted as a RBI press statement.

[polynesia]

The author is probably commenting on this portion of the press release.

The Reserve Bank of India has today cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to.

[btcxindia]

First of all that was old statement.After that RBI and Finance Minister clarified further and said " still watching " and still consider as a technology rather than currency.
Caution notice is regular intervals in all financial markets. SEBI is giving caution press releases on regular intervals about derivatives markets/PNs/Insurance/ULIPs/ETFs etc( which is regulated too). That is thier job to give awareness to public about risk is involving.