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India cautions users on risks associated with virtual currencies like Bitcoin

hypnosec (2231454) writes | about 4 months ago

0

hypnosec (2231454) writes "Reserve Bank of India (RBI) has cautioned users of virtual currencies like Bitcoin, Litecoin, and Dogecoin on the risks associated with them and that it is looking at the use and trading of these currencies. India's central bank noted because of lack of any approval and authorization from a central authority or bank there are quite a few risks including theft of digital wallets that are used to store the digital currency; absence of any frameworks to tackle customer problems, disputes and charge backs; exposure to potential losses because of high volatility in value of the virtual currencies; legal and financial risks; and breach of anti-money laundering laws because of lack of complete information on counterparts in a peer-to-peer anonymous / pseudonymous systems."
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