27 Dec 2013 / Economic Times – NEW DELHI: A number of bitcoin operators in India have begun suspending their business following RBI’s warning against use of such virtual currencies due to potential money laundering and cyber security risks.
While RBI is yet to come out with a clear regulatory framework for bitcoins, which have been gaining currency across the world over the past few months, it has issued an advisory cautioning general public against use of bitcoins and other virtual currencies.
Within days ofthis advisory issued on December 24, a number of entities offering bitcoin services have suspended their operations, temporarily or indefinitely, while websites of a few others have gone down.
However, some other entities continue to run their operations of offering bitcoin exchange services for rupee and other currencies.
Bitcoin is a virtual currency that can be generated through complex computer software systems with solutions shared on a network, although the process is
complex and such ‘mining’ can be done only on very powerful servers….. Read more
