Reserve Bank of India Warns About the Risks of Cryptocurrency as Indian Businesses Begins Accepting it

Reserve Bank of India Warns About the Risks of Cryptocurrency as Indian Businesses Begins Accepting it

Reserve Bank of India stated that cryptocurrency is risky to transact in because “there is no established framework for recourse to customer problems/disputes/chargeback, etc,” continuing that “The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism”. At the same time, businesses in India are begining to accept cryptocurrencies such as Bitcoin because of the percieved benefits offered by a currency secured by math and physics rather then by human promises. Tarun Thandi, owner of Kolonial, the first restaurant in India to accept payment in Bitcoin said, “Right now, people are a bit sceptical about bitcoins, but it’s going to become big. I am testing the waters”

Read more at:
http://www.financialexpress.com/news/virtual-alert-rbi-warns-users-against-bitcoin-risks/1211322
http://economictimes.indiatimes.com/articleshow/27871965.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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