Bitcoins Alliance India

The Reserve Bank last month had issued a warning against dealing in bitcoin and other virtual currencies due to various risks, including those related to money-laundering and cyber security, as such digital currencies are not backed by any assets or monetary authorities.

There are already close to 70 virtual currencies available across the world with total market valuation of about $15 billion (about Rs 90,000 crore), out of which Bitcoin is the biggest with close to $10 billion value.

Against the backdrop of RBI warning the public over highly speculative virtual currencies, a bitcoin traders' body has sought clarity on the legality of the instrument, conceding that this business is extremely volatile and common people should stay away from it.

The Reserve Bank last month had issued a warning against dealing in bitcoin and other virtual currencies due to various risks, including those related to money-laundering and cyber security, as such digital currencies are not backed by any assets or monetary authorities.

There are already close to 70 virtual currencies available across the world with total market valuation of about $15 billion (about Rs 90,000 crore), out of which Bitcoin is the biggest with close to $10 billion value.

Against the backdrop of RBI warning the public over highly speculative virtual currencies, a bitcoin traders' body has sought clarity on the legality of the instrument, conceding that this business is extremely volatile and common people should stay away from it.