RBI cautions public again on bitcoin

On Thursday, the largest U.S. cryptocurrency exchange struggled to keep up with record traffic as the price surged, with an upcoming launch of the first bitcoin futures contract further fueling investor interest. The Central Bank cautioned those trading in Bitcoins and other virtual currencies regarding the risks involved in the same.

Bitcoin's valuation has soared from less than $1,000 at the beginning of the year to over $15,000 now, emerging as a major attraction for investors worldwide.

The first warning bells have come from the RBI.

Earlier in August, during the monsoon session of parliament, the finance minister had informed that there are no regulations governing virtual currencies, including bitcoins, in India and the RBI has not given any licence to any entity/company to operate such currencies.

Mumbai: The RBI on Wednesday said that the recapitalisation plan announced by the government to shore up the balance sheet of public sector banks (PSBs) would be accompanied by governance reforms including the sale of non-core assets.

In December 2013, RBI said the legal status of cryptocurrencies as well as exchanges was "unclear". Not only this, it went on to explain as to why the RBI feels that the investors could lose their money in cryptocurrency. It is the first decentralised digital currency. They also argue it is preferable to traditional currencies because it is not subject to central bank manipulation.

Indian authorities launched the so-called "Virtual Currency Committee" in April to research and propose a regulatory framework for cryptocurrencies in the country. As such, there is no established framework for recourse to customer problems/disputes/charge backs. Thus, the users are exposed to potential losses on account of such volatility in value. But, because excessive regulation and an outright ban on cryptocurrency trading would send bitcoin trading to unregulated over-the-counter (OTC) markets, the government has been hesitant towards providing unnecessarily strict regulations on cryptocurrency exchange and the bitcoin market. Hence, the traders of virtual currency on such platforms are exposed to legal as well as financial risks.

Related News:

  • Stardew Valley is Officially Coming to PlayStation Vita

    Stardew Valley is Officially Coming to PlayStation Vita

    There will also be new content for both the single and multiplayer modes that will release alongside the multiplayer . Phew, I think that's just about everything we can talk about for now.
    The Getty Center Museum Built to Withstand Massive Fire Threat

    The Getty Center Museum Built to Withstand Massive Fire Threat

    Paris Hilton said she was also leaving her home, and included a video that has gone viral and shows the exit to the J. Los Angeles Fire Department Chief Ralph Terrazas told Curbed over 500 homes were lost in that tragic fire.
    Lions QB Matthew Stafford throwing again, has two fingers taped

    Lions QB Matthew Stafford throwing again, has two fingers taped

    In 2011, Stafford threw nine interceptions in three games with a broken right index finger as the Lions went 1-2. Unofficially, the quarterback is expected to start Sunday's game against the Buccaneers barring a setback.
  • HCA Holdings, Inc. (NYSE:HCA) Stake Increased by Brandes Investment Partners LP

    As of December 31, 2016, the Company operated in two geographically organized groups, including the National and American Groups. Oxbow Advisors Llc decreased Allianzgi Conv & Income Fund (XNCVX) stake by 59,740 shares to 38,618 valued at $269,000 in 2017Q2.
    British, Irish leaders discuss border issue

    British, Irish leaders discuss border issue

    Mr Varadkar was speaking after a meeting with Dutch prime minister Mark Rutte in Government Buildings in Dublin. We would have to ensure that any new wording is consistent with that.
    Fallen Kingdom' Trailer Has Some Familiar Dinosaurs

    Fallen Kingdom' Trailer Has Some Familiar Dinosaurs

    It premiered during Thursday Night Football and packs in nearly three minutes worth of intense action, fear and danger. Bayona, who most recently worked on A Monster Calls and whose past credits include The Orphanage and The Impossible .
  • Analysts' Views: Nabors Industries (NBR)

    At midday, the Dow Jones Industrial Average added 8.46 points, or 0.04 per cent, to 24,298.51, Xinhua news agency stated. It fall, as 50 investors sold NBR shares while 92 reduced holdings. 48 funds opened positions while 107 raised stakes.

    Chou Associates Management INC Has Raised Position in Valeant Pharmaceuticals Intl (VRX)

    It has outperformed by 13.04% the S&P500.The move comes after 5 months positive chart setup for the $5.18 billion company. Bnp Paribas Arbitrage Sa reported 812,472 shares. 300,000 are owned by Brigade Capital Ltd Partnership. (NYSE: VRX ).
    Immanuel Lutheran sets special Christmas worship schedule

    Immanuel Lutheran sets special Christmas worship schedule

    Friday, Dec. 22, 7:30 p.m. - Kabbalat Shabbat service. -Aglow Christmas brunch: Event, with $5 (or less) gift exchange, is 10 a.m. For more information, contact the shrine at 419-396-7107 or visit www.olcshrine.com or www.ourladyofconsolationparish.com .
  • PM Modi wishes Sonia Gandhi on her 71st birthday

    PM Modi wishes Sonia Gandhi on her 71st birthday

    Congress leaders on Saturday wished party president Sonia Gandhi on the occasion of her birthday. We salute her for the woman she is and wish her good health and happiness always.
    Pope Francis: Keep 'status quo' in Jerusalem to avoid conflict

    Pope Francis: Keep 'status quo' in Jerusalem to avoid conflict

    China has warned that US President Donald Trump's plan to recognise Jerusalem as Israel's capital could fuel tensions in the region.

    Johnson Controls International plc Ordinary Share (JCI) Board Announces Stock Buyback Program

    Johnson Controls International plc Ordinary Share (NYSE: JCI ) last issued its quarterly earnings data on Thursday, November 9th. In other news, CEO George Oliver acquired 27,300 shares of the company's stock in a transaction on Friday, November 24th.


Most liked

After Trump's Jerusalem decision, Paletinian Prez declines meeting with Pence
The vice-president will also address the Knesset, the first senior United States official to do so since President George W. Trump has vowed to broker an agreement between the two sides, which he has called the "ultimate deal".

Noida boy used bat, pizza cutters to kill mother, sister
He then returned back to Chandigarh and from there he traveled to Varanasi where he was apprehended by the police. The boy took Rs 2 lakh and his mother's mobile phone before walking out of the building after the murders.

Bright Rock Capital Management LLC Holding In Chevron Corporation (CVX) Was Raised
Shine Inv Advisory Inc holds 1,792 shares. 383.45 million shares or 4.21% less from 400.29 million shares in 2017Q1 were reported. The formula is calculated by looking at companies that have a high earnings yield as well as a high return on invested capital.

Corning Incorporated (GLW) Given Consensus Rating of "Hold" by Analysts
Ronald Blue And Ltd Limited Liability Company holds 0.01% of its portfolio in Corning Incorporated (NYSE: GLW ) for 10,960 shares. Following the sale, the chief executive officer now owns 65,333 shares of the company's stock, valued at $2,049,496.21.

Conor McGregor Fight With Manny Pacquiao In The Works
But the MMA fighter pocketed around €140m for the night's work while Mayweather, who beat Pacquiao in 2015, earned over €250m. But we have not yet had any follow-up conversations. "It is OK with both of us", the Philippine boxer told the AFP .

Ngl Energy Partners Lp (NGL) CFO Acquires $116600.00 in Stock
The stock of Energy Transfer Partners, L.P. (NYSE: ETP ) earned "Outperform" rating by Bernstein on Wednesday, May 10. Horrell Capital Management Inc. holds 0.87% of its portfolio in Simmons First National Corporation for 27,941 shares.

Whitmer calls for investigation into MSU's handling of matters involving Nassar
Neff said Nassar "should never again have access to children ". Nassar faces at least 25 years in prison in the other cases. He has also been named in multiple civil lawsuits.

Pochettino makes a big transfer admission which will excite the Tottenham fans
That is an extra charge for us because not only are you competing with the opponent, but with their massive motivation too. Pochettino believes Spurs can not afford to wait on player sales before they make signings of their own.

United Kingdom jeweller refuses to make replicas of Meghan Markle's ring
Speaking to Andy Cohen on WWHL , the pair were asked about who might be able to play the newly engaged couple. "No, not Justin Timberlake - Justin Bieber ".

Rain & snow likely to hit India-SL 1st ODI in Dharamsala
The visitors will also welcome Asela Gunaratne, who has recovered from a broken thumb. Where is the India vs Sri Lanka 1st ODI? Match will start at 11:30 am.

Google Doodle pays tribute to Homai Vyarawalla, India's first woman photojournalist
Her pseudonym comes from the year of her birth - 1913 - and the Dalda from her car's number plate DLD 13. A decade later in 1982, she and her son returned to Baroda and Farrokh succumbed to cancer in 1989.

Only two cricketer is invited for Anushka and Virat weddings
Anushka along with her parents were seen taking off from the Mumbai airport to Switzerland. Just close ones are invited; Virat's childhood friends and few of our family members.

Katie Couric Breaks Her Silence on Matt Lauer's Firing
NBC issued a statement saying that no current members of the network's management were aware of Lauer's actions. However, she didn't say much. "Thanks for your interest", she wrote.

John Mayer Returns Home Following Emergency Surgery: See the Pic
Dead & Company's shows originally were scheduled for December 5 in New Orleans, December 7 in Orlando, and December 8 in Sunrise. John Mayer is on the mend, and Dead and Company are making plans to get back on the road.

Ben Duckett dropped from England tour game after Perth bar incident
It is understood there was no police involvement in the incident, which also did not affect any members of the public. England's off-spinner, Moeen Ali will lead the England XI side which would be played at Richardson Park in Perth.