13 Aug '13, 11pm

Reserve Bank of India won't regulate virtual currency Bitcoin, yet - Economic Times #bitcoin

Reserve Bank of India won't regulate virtual currency Bitcoin, yet - Economic Times #bitcoin

BANGALORE: India's central bank is "watching" Bitcoin, the virtual currency that is gaining popularity among Net users, but has no intention of regulating it right now. The Reserve Bank of India , which has its hands full trying to arrest the slump in the value of the rupee , will first seek to understand Bitcoins - which have attracted regulatory gaze in the United States -- before seeking to bring it under its purview. "As of now we are watching and learning about the developments in Bitcoins but are not regulating it," an RBI spokeswoman wrote in an e-mailed response. In a note published in June, the central bank acknowledged that virtual currencies "pose challenges in the form of regulatory, legal and operational risks." Founded in 2009, Bitcoins are digital currencies that are not issued by any central bank or other centralised authority but by an open source software...

Full article: http://economictimes.indiatimes.com/news/economy/finance/...

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