Wednesday, February 12, 2014

India’s Government Claims the RBI is Examining Virtual Currencies

The Indian government has claimed that the Reserve Bank of India (RBI) is examining the legal and security ramifications of virtual currencies.

The Hindu reported that Indian Finance Minister P Chidambaram made the following statement to the Rajya Sabha, India’s Upper House of Parliament:

“The RBI is presently examining the issues associated with the usage, holding and trading of virtual currencies, including bitcoins, under the extant legal and regulatory framework of the country, including foreign exchange and payment systems laws and regulations.”

Last December, the RBI issued an advisory cautioning Indians against the volatility of all virtual currencies. A bitcoin fan filed a claim pressing the RBI for clarificationon this advisory, which alluded to the legitimacy of bitcoin.

Mr Na “Naavi” Vijayashankar is the lawyer representing that case. He claimed the latest statement from Chidambaram is quite neutral:

“I don’t see anything different except now we can say that the matter is under the attention of the biggest monetary authority in India, which is the Finance Minister.”

- Source, Coindesk. Read the full article here:


Subscribe to our Free Gold & Silver Financial Newsletter