RBI cautions against virutal currencies

February 02, 2017 11:00 pm | Updated February 03, 2017 12:42 am IST - MUMBAI:

This August 3, 2016 illustration shows a Bitcoin sign in Hong Kong.

This August 3, 2016 illustration shows a Bitcoin sign in Hong Kong.

The Reserve Bank of India (RBI) has cautioned the users, holders and traders of virtual currencies (VCs), including Bitcoins, about the potential financial, legal and security–related risks.

“RBI advises that it has not given any licence/authorisation to any entity / company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc. dealing with virtual currencies will be doing so at their own risk,” according to a notification from the central bank.

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