Invest in Bitcoin at your own risk, RBI reiterates




Just days after Bitcoins hit a record high of just under $11,800, the Reserve Bank of India (RBI) on Tuesday reiterated its concerns about the cryptocurrency amid fears that a rapidly swelling bubble could burst in a spectacular fashion. The statement was issued after the cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bit stamp exchange on Sunday. The RBI had previously said those trading in virtual currencies were doing so at their own risk, given that the central bank has not given a licence or authorisation for any company to deal in such cryptocurrencies. It is reported that VCs, such as Bitcoins, are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear. “Hence, the traders of VCs on such platforms are exposed to legal as well as financial risks. There have been several media reports of the usage of VCs, including Bitcoins, for illicit and illegal activities in several jurisdictions. Payments by VCs, such as Bitcoins, take place on a peer-to- peer basis without an authorised central agency which regulates such payments. As such, there is no established framework for recourse to customer problems, disputes or charge backs.

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