RBI cautions users against virtual currencies such as Bitcoins Mar 02 2017 , New Delhi Banking FinTech companies are accelerating the pace of change and are reshaping the financial services industry MORE FROM MYISRO succeSsfully launches Cartosat-2 GST to be a game changer for steel industry: ISSDA Jaitley, Shoigu sign Indo-Russian military cooperation roadmap RBI denies restricting exchange of Qatari Riyals GST registrations for ecommerce, new cos to begin on June 25 FC SUPPLEMENTSSliceoflife: The lure of more Diplomatic enclave: Changing relations It’s time to splurge FC Invest | FC Know | FC BuildAsia & Pacific18:30 16.11.2016(updated 18:31 16.11.2016) 86Following Demonetization, Many Indian Men Unable to Pay Alimony, Face PrisonNew Delhi (Sputnik) — India's bitcoin exchange companies have been getting frantic calls from people after the Government outlawed high value currency notes.It has also put a cap on bank deposits and exchange of old bills but has been shifting the goal posts to end long waiting times at banks and ATMs.

Search queries around ‘Bitcoin’ on Google Trends have hit an all-time high.ZebPay and Unicoin say they have turned down customers interested in investing huge amounts in the crypto-currency.wifi bitcoin miningBut experts feel the lack of specific regulations can make Bitcoin a major facilitator of money laundering, tax avoidance and evasion, drug trafficking, blackmailing and terrorist financing.ethereum time per block"This arena of virtual transitions is relatively novel and largely untested.bitcoin pool suggested difficultyThis means that just like any new technology or innovation there is a high possibility of loopholes that have not been detected yet.bitcoin mining gear comparison

Most prominent of these offences which are already existent in the traditional financial world and which may extend to Bitcoin are money laundering and terrorist financing," said the research paper Bitcoins — A Global Perspective, which was published in April 2015 by Nishith Desai Associates, a global legal consultancy.bitcoin atm koreaThe Reserve Bank of India (RBI), in a warning noted "The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws."bitcoin sean spicerThere is no prohibition to mining, trading and transfer of Bitcoins in India.bitcoin blvdBitcoin does not come under the ambit of currency, legal tender or foreign exchange and the RBI hasn’t come up with guidelines on this yet, except for the warning it issued in December 2013.Related:India Currency Reform May Trigger Commodities Scarcity, Prices RiseBitcoins-While-U-Wait: Swiss Railways To Sell Crypto-Currency at Ticket MachinesBitcoin Poses No Threat to Russia's Financial Systembitcoin mining anfänger

Share with:The Reserve Bank of India (RBI) released a statement this week that they are keen on Blockchain technology, focussing on the ability of the technology to combat counterfeit currency which is rampant in India.“With its potential to fight counterfeiting, the ‘blockchain’ is likely to bring about a major transformation in the functioning of financial markets, collateral identification (land records for instance) and payments system,” said the RBI.The central bank pointed out that the traditional system of record maintenance works on the basis of ‘trust’ and the ‘regulatory’ and ‘controlling’ power of central entities and counter-parties.bitcoin price kraken“As against this, the ‘blockchain’ technology is based on a shared, secured and public ledger system, which is not controlled by any single (‘central’) user and is maintained collectively by all the participants in the system based on a set of generally agreed and strictly applied rules,” the RBI said.in 2013,  the RBI warned Indian citizens against the use of digital currencies and it issued a note of caution that focused on potential dangers concerning financial, operational, legal, customer protection as well as security-related risks entailed by the use of Bitcoin.

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