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Technological innovations, including virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system, RBI said after its first bi-monthly monetary policy review of 2018-19.
“However, virtual currencies (VCs), also variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others,” it said.
RBI said it has repeatedly cautioned users, holders and traders of VCs, including bitcoins, regarding various risks associated in dealing with such virtual currencies.
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The central bank further asked entities, which are already into such services to stop providing this kind of services within a specified time.
RBI said it will also issue a circular separately on this matter.