Be alert Bitcoins are not approved by RBI

The Reserve Bank recently stated that it has not approved the use of virtual currencies, and had warned people to invest in the instruments like Bitcoins.

They also urge that it doesn’t have any license or approved authorization to any entity or company to operate such schemes or deal with Bitcoins or any virtual currency. And if any user, holder, investor, trader etc. dealing with virtual currencies, they are doing it on their own risk.

RBI also says that the person investing in such virtual currencies is revealing themselves to potential financial, operational, legal, customer protection and security related risks.

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The apex bank also made a deep observation to the notification made on December 2013, which alerts the investors regarding the same.

RBI also reveals that the virtual currencies stored in e-wallets were opened to hacking and users were opened up to lack of money in case of any problems or disputes in the absence of any regulations.

The central bank had also indicated issues surrounding valuation, and reveals that there was no latent asset and there was lots of supposition made on it. And also added in his words, that the people who trade on uncontrolled platform will definitely face legal and financial problems very soon.

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