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

Singapore to allow the unregulated use of Bitcoin

The Monetary Authority of Singapore has decided that it will not regulate or otherwise interfere with Bitcoin transactions, stating “Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene”. This is consistent with their long standing policy of leaving transactions in digital currencies unregulated. They’ve also cautioned that Bitcoin could be risky to use because of the lack of an authority from whom recourse can be sought in the event of a crash in the value of the currency.

Read more: http://www.techinasia.com/singapore-government-decides-interfere-bitcoin/

Overstock.com to Accept Bitcoin

Patrick Byrne, CEO of Overstock.com has announced that Overstock.com will begin accepting Bitcoin during Q2 2014. They are the first ecommerce company of this scale in the US to begin accepting Bitcoin, and adds legitimacy to the value of the currency. “Bitcoin is good money” Byrne stated. “It will put [Overstock] at a competitive edge if, and only if, the general population starts thinking and using bitcoin,” he said. “We’re willing to take the first step and see.” Overstock.com is an online discount retailer that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry, and cars. Read more here: http://newsbtc.com/2013/12/19/overstock-com-begin-accepting-bitcoin-2nd-half-2014/