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Reserve Bank of India Closely Examining Digital Currencies

Avatar Jayanand Sagar 5 years ago

Reserve Bank India Seal

A number of countries around the world are taking a close look at the use of bitcoin and other digital currencies, and India is no exception. It is being reported that the country’s government on Tuesday said that the Reserve Bank of India (commonly known as RBI) is taking a close look at both the legal and security elements of digital currencies.

“The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations,” said P. Chidambaram, Finance Minister.

This isn’t the RBI’s first run-in with digital currencies, though. Late last year (Christmas Eve, in fact), it was reported that the RBI issued a public advisory on bitcoin, warning citizens if its potential pitfalls.

“No regulatory approvals, registration or authorization has been obtained by entities concerned for carrying on such activities. As such, they may pose several risks to their users,” said Chidambaram. [via The Hindu]

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