(Source: File photo)Reserve Bank of India (RBI) Deputy Governor R Gandhi on Wednesday cautioned against virtual currencies such as Bitcoin, stating that they pose potential financial, legal, customer protection and security-related risks. We can see that in these types of solutions for virtual currency, there is no central bank or monetary authority. “My arguments against virtual currencies stem from two elements — the concept of confidence and anonymity. The confidence in virtual currencies can only come if an authority endorses them, he said. “It may remain a pipe dream that blockchain will eliminate currency by ushering in virtual currency.

Source: Indian Express March 01, 2017 20:15 UTC