Use of Bitcoin illegal, can attract anti-money laundering law The government today said use of virtual currencies like Bitcoins is not authorised by RBI and could result in breach of anti-money laundering provisions.business New Delhi The government today said use of virtual currencies like Bitcoins is not authorised by RBI and could result in breach of anti-money laundering provisions.The RBI has already cautioned users, holders and traders of virtual currency, including Bitcoin, about the potential financial, legal and security risks arising from the usage.“The absence of counter parties in usage of virtual currencies 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 laws,” Minister of State for Finance, Arjun Ram Meghwal, said in a written reply in the Rajya Sabha.He further said that the creation of virtual currencies like Bitcoins as a medium of payments is not authorised by any central bank or monetary authority.“No regulatory approval, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities,” Meghwal said.The RBI had earlier warned that any user, holder, investor and trader dealing with virtual currencies would be doing so at his/her own risk.

more from business Reliance Industries overtakes TCS to become most valued Indian firm Tata Steel sells stake in Tata Motors to Tata Sons for $586.3 millionbitcoin zahlen österreich2016 Nov 14;24(6):969-972.Masoni M, Guelfi MR, Gensini GF.AbstractIllegal activities prosecutable by law in the real life can be committed on the internet alike.ethereum price jumpIn the healthcare domain, we refer mainly to selling of illegal and counterfeit drugs, exchange of pedo-pornographic material and marketing of stolen medical records.bitcoin miner hardware amazonThese illegal activities are made easier by recent developments of the Internet that medical community must be aware of: darknet and bitcoin.yuri bitcoin

The first allows anonymous surfing and the last anonymous financial transactions.bitcoin ytdAfter discussing which healthcare areas are affected by these technological developments of the Internet and the deriving consequences, then the Authors express their opinion on what actions can be taken to protect internet community.KEYWORDS: Darknet; TOR; anonymity; bitcoin; drugs trade; medical records; pedo-pornography; regulationPMID: 27472850 DOI: 10.3233/THC-161244 [Indexed for MEDLINE] MeSH termsCriminal Behavior*Delivery of Health Care/organization & administration*HumansInformation Dissemination/legislation & jurisprudence*Information Dissemination/methods*Internet*United StatesFull Text SourcesIOS PressMedicalChoosing a Doctor or Health Care Service - MedlinePlus Health Informationbuying bitcoin for silk roadThe People’s Bank of China has been investigating major Bitcoin exchanges in the country including BTCC, Huobi and OKcoin.bitcoin geography

We have covered the initiation of the investigations and now it has come to light that violations were indeed found by the Chinese Central Bank.acheter bitcoin en ligneThe China News Service citing a Beijing Youth Daily report says that the Shanghai Head Office of the People’s Bank of China has found after an initial investigation that BTCC was engaged in illegal operations and financing activities.bitcoin consensus rulesThe newspaper also reported that funds and capital on the platform were not guaranteed by third-party custody terms.Not only has BTCC been found in the wrong by the PBOC investigation, Huobi and OKCoin, which were also the subject of the PBOC investigation have also been found to be carrying out illegal financing.Financing operations may be ended by these Chinese exchanges subsequent to the PBOC action.Reuters has said that OKCoin and Huobi have confirmed that they had stopped offering margin loans, adding that, “Both did not respond to queries on whether they had received official notices from the PBOC.” More worrying is the Chinese Financial Information provider Hexun who stated in a report that the PBOC investigation found these exchanges “not in accordance with the provisions of the establishment of a sound anti-money laundering internal control system.” There is no clarity so far if margin trading is indeed illegal in China.

While Bobby Lee of BTCC told Reuters, “No one has said that margin trading for Bitcoin is illegal.” The Chinese banking regulator refused a comment to Reuters on this issue.Strikingly though the Reuters report did quote the Beijing Youth Daily as saying, “A PBOC investigation found that China's three largest Bitcoin exchanges were illegally conducting margin trading and such activity stoked abnormal market volatility.” Further citing the Economic Information Daily, they wrote that the Chinese Central Bank had found “hidden risks” in BTCC.There has always been some controversy about the trading volumes in China because it is a country where no fee was being charged by exchanges.Now it’s stirring again that exchanges will introduce fees to make up for lost revenues.Bobby Lee of BTCC in his interview to Reuters did mention the possibility of fee introduction subsequent to the regulators getting involved.The results of the PBOC investigation are clearly a reason for investors to be more prudent to their exposure to these exchanges in China especially since the PBOC has not been very forthcoming and transparent in their communication to the public on their investigation as of yet.