Monday, November 19 2018

December 30, 2017

RBI has not authorised any Virtual Currencies as a medium of exchange

New Delhi-The users, holders and traders of Virtual ‘Currencies’ have already been cautioned three times, in December, 2013, February, 2017 and December, 2017, by Reserve Bank of India about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to by investing in Bitcoin and or other VCs. RBI has also clarified that it has not given any licence, authorization to any entity, company to operate such schemes or deal with Bitcoin or any virtual currency. The Government also makes it clear that VCs are not legal tender and such VCs do not have any regulatory permission or protection in India. The investors and other participants therefore deal with these VCs entirely at their risk and should best avoid participating therein.