RBI cautions against bitcoins, says use of virtual currencies unauthorised

The RBI said it hasn't authorised to any entity to operate schemes related to Bitcoin or any VC

Reserve Bank of India (RBI) on Tuesday cautioned the "users, holders and traders" of Bitcoins about the security related risks associated in dealing with such virtual currencies (VCs).

The apex bank reiterated its stand that "it has not given any licence or authorisation to any entity or company to operate such schemes or deal with Bitcoin or any VC".

"In the wake of significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns," the central bank said in a statement.

2:09 PM

"In the wake of significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns," the central bank said in a statement.