The Reserve Bank of India (RBI) on 1 February said that it has not given any licence or authorization to any entity or company to operate virtual currency schemes or deal with bitcoin or any virtual currency. “Any user, holder, investor or trader dealing with virtual currencies is doing it at their own risk,” said RBI in a release on its website.
This is not the first time that the central bank has issued a cautionary note in this regard. In December 2013, it had cautioned users, holders and traders of virtual currencies, including bitcoins, about the potential financial, operational, legal, customer protection and security risks they are exposing themselves to.
