Alert Bitcoin investors! RBI issues another warning

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The Central Bank on Wednesday issued its third cautioning, helping the speculators to remember its prior concerns. In its initially cautioning issued on December 24, 2013, the RBI said that the creation, exchanging or use of Virtual monetary standards or VCs as a medium for installment are not approved by any national bank or money related expert.

The RBI’s next notice came for the current year on February 1. It emphasized that the Reserve Bank has not given any permit or authorisation to any substances to work such plans or manage bitcoin or any virtual cash. The bank controller completely said that any financial specialist or merchant managing virtual monetary standards ‘will do as such at their own hazard’. Not just this, it went ahead to disclose with reference to why the RBI feels that the financial specialists could lose their cash in cryptographic money.

The central bank had clearly stated that “creation, trading or usage of VCs including bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities.”

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