RBI reiterates it concerns over bitcoin; warns about trading in cryptocurrency

The statement was issued after the cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99

The Reserve Bank of India (RBI) on 5 December reiterated its concerns about Bitcoins, just days after the cryptocurrency hit a record high of just under $11,800, stoking fears that a rapidly swelling bubble could burst in a spectacular fashion.

RBI reiterates it concerns over bitcoin; warns about trading in cryptocurrency

Bitcoin. Reuters

The RBI said it wanted to reinforce its previous message to “users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs.”

The statement was issued after the cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange on Sunday.

The RBI had previously said those trading in virtual currencies were doing so at their own risk, given that the central bank has not given a licence or authorisation for any company to deal in such cryptocurrencies.

Tech2 is now on WhatsApp. For all the buzz on the latest tech and science, sign up for our WhatsApp services. Just go to Tech2.com/Whatsapp and hit the Subscribe button.





Top Stories


also see

science