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Reserve Bank of India Warns Yet Again About Trading in Bitcoin

reserve bank of india,rbi

The Reserve Bank of India had said that virtual currency trading are done at one’s own risk and the central bank does not license or authorize any company to deal in these digital currencies.

RBI, India’s central bank, put-forth yet again, on Tuesday, its concerns about Bitcoin just days after the digital currency skyrocketed to $11,800. The central bank has reiterated its concern that the bubble is getting bigger and would burst at a point, anytime.

The Reserve Bank released a statement that it wanted to reinforce its past messages regarding digital currency to “users, holders and traders of Virtual Currencies (VCs) including Bitcoin regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs,” as per The Economic Times.

The statement was issued after the Luxembourg-based Bitstamp exchange traded Bitcoin for as high as $11,799.99 on Sunday at the Luxembourg-based Bitstamp exchange.

Earlier, the RBI had said that virtual currency trading are done at one’s own risk and the central bank does not license or authorize any company to deal in these digital currencies.

1 BTC = $9500.01 USD
1 ETH = $793.01 USD
1 LTC = $147.68 USD

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