Press
Information Bureau
Government of India
Ministry of Finance
11-April-2017 18:07 IST
Virtual Currencies
Reserve Bank of India, vide, its Press Release dated February 01, 2017 has
advised that it has not given any license / authorization to any entity /
company to operate schemes or to deal with Bitcoin or any virtual currency. As
such, any user, holder, investor, trader, etc. dealing with Virtual Currencies
will be doing so at their own risk.
Reserve Bank of India had issued cautionary advice to the users, holders and
traders of Virtual Currencies (VCs) including Bitcoins about the potential
financial, operational, legal, customer protection and security related risks
that they are exposing themselves to , vide, its press release dated December
24, 2013.
The creation, trading or usage of VCs including Bitcoins, as a medium of
payment is not authorized by any central bank or monetary authority. No
regulatory approval, registration or authorisation have been obtained by the
entities concerned for carrying on such activities.
The absence of counter parties in the usage of VCs including Bitcoins, for
illicit and illegal activities in anonymous/ pseudonymous systems could subject
the users to unintentional breaches of anti-money laundering and combating the
financing of terrorism (AML/CFT) laws.
This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of
Finance in written reply to a question in Rajya Sabha today.
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