Bitcoin Ban In India News: It Is Just A Warning By Reserve Bank: Reserve Bank cautions regarding the risk of virtual currencies including Bitcoins, 5th December 2017 Latest News Online Today. Is Bitcoin Getting Banned in India? Or what you’ve been told in social media groups is just hype? Today on 5th December 2017, at around 08:00 PM RBI (Reserve Bank Of India), has updated a 152 KB press release titled as “Reserve Bank cautions regarding the risk of virtual currencies including Bitcoins.”
Bitcoin Ban In India News: It Is Just A Warning By Reserve Bank
The attention of members of the public is drawn to the Press Release issued by the Reserve Bank of India (RBI) on December 24, 2013, cautioning users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated with dealing with such VCs.
Vide press release dated February 1, 2017, RBI has also clarified that it has not given any licence/ authorisation to any entity/company to operate such schemes or deal with Bitcoin or any VC.
In the wake of a significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns conveyed in the earlier press releases.
Criticism News Media’s Take On This Latest News of Bitcoin Banned in India-
In the whole press released, the board has nowhere notified that it is going to ban cryptocurrency and worldwide payment system – Bitcoin in India. Instead, RBI official has used the word “REITERATE (बार बार दुहराना)” to let Indian investors know about legal & illegal parts of all cryptocurrencies presently in a run in the nation.
This Press Release: 2017-2018/1530 is decisively undersigned by RBI Chief General Manager “Jose J. Kattoor.”. Read Here – Reserve Bank Of India Official Report on Bitcoins