Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
June 19, Tuesday 2018 11:44 PM       

       HEADLINES: Actress attack case: Court rejects demand for special court and woman judge                                              Important info in box found near Jasna's house                                              Strong action against ADGP's daughter if her complaint is fake: Behera                                              Dubai based NRI held for threatening to kill Pinarayi                                              Oppn raises Kerala Kaumudi series as adjournment motion in assembly                                              J-K govt collapses after BJP pulls out of alliance with PDP                                              India and France to build strong development partnership: Swaraj                                              Merkel gets ultimatum from hardline ally over migrants                                              Merkel, Macron search for reforms to halt EU 'disintegration'                                              Federer to lock horns with Bedene in Halle opener                                              Yo-Yo effect: BCCI for fitness tests before selection                                              Tick, Tock: Time running out for Messi to deliver                                              Kaumudi Facebook
       BUSINESS Next Article: Cabinet reshuffle inspires confidence: CII  
       Virtual currencies prone to misuse, cautions RBI
 
         Posted on :01:10:28 Sep 6, 2017
   
A A
       Last edited on:01:10:28 Sep 6, 2017
         Tags: Virtual currencies prone to misuse, cautions
 
New Delhi: Flagging possible "black money" risks from virtual currencies like Bitcoin, the RBI has told a parliamentary panel that they are "susceptible to misuse" by terrorists and fraudsters for laundering money.
 
The Reserve Bank further said it has not given any licence and authorisation to any entity or company to operate such schemes or deal with Bitcoin or any virtual currency (VC).
 
As such, any user, holder, investor, trader, etc dealing with VCs will be doing at their own risk, the RBI informed the parliamentary standing committee on finance.
 
An inter-disciplinary committee, which includes an RBI representative, has been constituted by the finance ministry to examine the regulatory framework with regard to virtual currencies, the central bank said.
 
"It is true that while virtual currencies may have legitimate uses, some of their characteristics like anonymity make them susceptible to misuse or abuse," the RBI said.
 
The central bank further said the opaqueness may be taken advantage by criminals, terrorists or fraudsters or for laundering money or even for transactions on the darknet.
 
Highlighting that there is no underlying or backing of any asset for virtual currencies, the RBI said huge volatility in their values has been noticed in the recent past.
 
The RBI retreated that it had cautioned users, holders and traders of virtual currencies about the potential financial, operational, legal, customer protection and security related risks they are exposing themselves to.
A A
       BUSINESS
Next Article: Cabinet reshuffle inspires confidence: CII
 
 
BUSINESS HEADLINES
Pradeep Parameswaran appointed Uber President- India, South Asia  
Google announces training programme for journalists  
Sensex tanks 261 pts as US-China trade spat escalates  
US dollar ends higher against rupee  
WhatsApp Payments to be rolled out soon: here is how it's different from competition  
Ayushman Bharat: Only half the states ready to launch scheme on August 15; UP Bihar & West Bengal not prepared yet  
Audi boss arrested over diesel scandal  
India, US officials to meet soon to discuss concerns of both sides: Prabhu  
Rupee dives to 3-week low at 68.01 on macro-liquidity shocks  
Gold rises on mild demand, silver surges for 8th session  
AFT directs govt to remove anomaly in HRA  
Grand Finale of Smart India Hackathon from June 18-22  
GST refund drive extended till June 16  
Ind-Swift Laboratories raises Rs 424.5 crore via NCDs  
RBI needs more powers to oversee PSB: Guv to panel  
RBI Guv appears before Par panel; assures steps to strengthen banking system  
India decision to increase tariff on apples to hit US growers, say Congressmen  
Snapdeal launches special store for Father's Day Gifting  
RBI releases June '18 issue of monthly bulletin  
'Trying to complete bullet train project by 2022'  
Moily honoured with 'special award' by Chennai-based NGO  
Assocham for implementation of guidelines on direct selling by states  
SBI expects Rs 30,000cr recovery from resolution under IBC  
Google will not develop AI for use in weapons: Pichai  
Economic growth may cross 8% in next 2 yrs: Prabhu  
 
Do you think electric bus will be a success in Kerala?
Yes
 
No
 
No opinion
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy