RBI flagged issues surrounding valuation of Bitcoins, saying there was no underlying asset and there was lots of speculation in it. Photo: AFPMumbai: The Reserve Bank of India (RBI) on Wednesday said it has not authorised dealings in or use of virtual currencies, and cautioned those investing in the instruments like Bitcoins. “The RBI advises that it has not given any licence/authorisation to any entity/company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc., dealing with virtual currencies will be doing so at their own risk,” it said in a statement. ALSO READ: Towards a digital futureThose investing in such virtual currencies are exposing themselves to potential financial, operational, legal, customer protection and security related risks, it warned.

Source: Mint February 01, 2017 14:48 UTC