Following suit behind a number of other governments, the Reserve Bank of India (RBI) has issues a public advisory regarding bitcoin, making citizens aware of the potential financial, legal, and security risks behind the digital currency.
The advisory came to their conclusions following “examining the issues associated with the usage of virtual currencies” in comparison with already-established legal and regulatory framework.
“The creation, trading or usage of virtual currencies including Bitcoins are not authorised by any central bank or monetary authority. As such, there is no established framework for recourse to customer problems,” said the RBI in their statement.
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The move comes as bitcoins have quickly gained traction in India — especially following the downturn of the bitcoin climate in China. But for now, at least we’re not seeing bitcoin getting “blacklisted”. (via The Hindu)
Thursday, 10 December 2020