Reserve Bank of India ban bitcoin and other virtual currencies
Today statement given by reserve bank of india in the event of credit policy .
Technological innovations, including those underlying virtual currencies, have the potential
to improve the efficiency and inclusiveness of the financial system. However, Virtual
Currencies (VCs), also variously referred to as crypto currencies and crypto assets, raise
concerns of consumer protection, market integrity and money laundering, among others.
Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies,
including Bitcoins, regarding various risks associated in dealing with such virtual currencies.
In view of the associated risks, it has been decided that, with immediate effect, entities
regulated by RBI shall not deal with or provide services to any individual or business entities
dealing with or settling VCs. Regulated entities which already provide such services shall exit
the relationship within a specified time. A circular in this regard is being issued separately