RBI Issues Third Warning Against Cryptocurrencies as Bitcoin Soares to $12,000
The Reserve Bank of India (RBI) today reiterated its before warning about a possible cryptocurrency chimera in the wake of the astounding rise in the value of digital currencies like Bitcoin and Ethereum over the past few months.
In a statement issued to the media, the banking regulator expressed its concerns about Bitcoin in particular and digital currencies in full general by saying,
In the wake of significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns conveyed in the earlier printing releases.
It was back in December 2013 that RBI had originally issued its first official warning near cryptocurrencies, making it clear to everybody that information technology wasn't a fan of the technology. Citing the lack of regulatory overview, the regulator had so said, "In that location is no underlying or bankroll of any asset for VCs (virtual currencies). Equally such, their value seems to exist a thing of speculation. Huge volatility in the value of VCs has been noticed in the contempo past. Thus, the users are exposed to potential losses on account of such volatility in value".
As it turns out, neither all these years nor the increasing adoption of digital currencies has been able to alter the RBI's opinion on the issue. Ironically, the regulator was once believed to be seriously considering launching its own, 'official' digital currency, although, that idea has now patently been put in the back-burner. With questions surrounding the legal status of cryptocurrencies in India continuing to do the rounds, the RBI too took this opportunity to analyze that information technology did not requite "whatsoever licence/authority to whatever entity/company to operate such schemes or bargain with Bitcoin or whatsoever VC". However, with no legislation still on the subject, cryptocurrencies, at to the lowest degree for now, continues to remain legal in the country.
Prototype Courtesy: Hindustan Times
Source: https://beebom.com/rbi-warning-cryptocurrencies-bitcoin/
Posted by: dixoncounto.blogspot.com
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