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ARTICLE · 21 FEBRUARY 2018

Bitcoin (Crypto Currency): Recent Regulatory Stances

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Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.

IndiaFinance and Banking
Rajdutt Singh
Rajdutt Singh
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Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. On 24 December 2013, the Reserve Bank of India ("RBI") issued a press release and cautioned users, holders and traders of virtual currencies ("VCs"), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks.

RBI clarified vide the aforesaid Press release that the creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorized by any central bank or monetary authority. Further, the said RBI press release claimed that no regulatory approvals, registration or authorization have been obtained by the entities concerned for carrying on such activities. RBI stated that such VCs may pose certain risks which include inter alia:

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