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Bitcoin The Almighty Buck

India Cautions Users On Risks Associated With Virtual Currencies 121

Posted by samzenpus
from the proceed-with-caution dept.
hypnosec writes "The Reserve Bank of India (RBI) has cautioned users of virtual currencies like Bitcoin, Litecoin, and Dogecoin on the risks associated with them and said that it is looking at the use and trading of these currencies. They noted that there are quite a few risks including: theft of digital wallets that are used to store the digital currency, absence of any frameworks to tackle customer problems, disputes and charge backs; exposure to potential losses because of high volatility in value of the virtual currencies, legal and financial risks, and breach of anti-money laundering laws because of lack of complete information on counterparts in a peer-to-peer anonymous / pseudonymous systems."
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India Cautions Users On Risks Associated With Virtual Currencies

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  • Dogecoin (Score:5, Interesting)

    by Scoth (879800) on Thursday December 26, 2013 @09:11AM (#45787133)

    I love that Dogecoin is apparently a big enough thing now to be mentioned in the same breath as Bitcoin and Litecoin.

  • by arisvega (1414195) on Thursday December 26, 2013 @09:31AM (#45787197)
    There spawned a couple of new exchange sites in India over the past few weeks. A few that I checked look legit, demanding some sort of official government documents for user identification, making it non-trivial for scammers to jump aboard the train. It is only natural that there is a warning, and those sites already had more or less the same warning on their frontpages. The fact that this warning is on a state level is a good think for bitcoin (and for potential traders) I think.
  • by retroworks (652802) on Thursday December 26, 2013 @09:54AM (#45787307) Homepage Journal
    Nations like India, which have restrictions limiting women's ownership of land, have the highest per capital consumption rate of gold. Gold mining is the single most environmentally destructive man-made activity on the planet (toxics, carbon, and encroachment into rain forests). If families in India can pay dowry with Bitcoin, I'm all for it.

What is worth doing is worth the trouble of asking somebody to do.