Cryptocurrency, the India story

posted in: IBA_News | 0

Article by – Mr. Nirav Maniar – Partner at International Business Advisors

Excerpts from the Article – “Virtual/digital currencies are not recognized by the Reserve Bank of India (RBI) or any other authority in India, as a ‘currency’. The official communication from RBI through a press release way back in December 2013 cautioned users, holders and traders of virtual currencies, including bitcoins, about the potential financial, operational, legal, customer protection and security related risks.”

“The risks perceived are that use of digital currencies for illegal, antisocial and illicit activities may not be controllable. Since there is lack of information of the trading parties, such peer-to-peer non-regulated system may expose the investors to unforeseen losses including breaches of anti-money laundering and financing of terrorism laws.” To Read the full Article Click here

This Article has been published in on September 26, 2017

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