Tuesday, March 28, 2017

Bitcoins and other virtual currencies is not authorised by the RBI

Use of virtual currencies like Bitcoins is not authorised by the RBI and could result in breach of anti-money laundering provision said by Government. The Reserve Bank of India advises that it has not given any licence or authorisation to any company to operate such schemes or deal with bitcoin or any virtual currency. "The Reserve Bank is presently examining the issues associated with the usage, holding and trading of virtual currencies under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations,". RBI had warned that any user, holder, investor and trader dealing with virtual currencies would be doing so at his/her own risk.

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