This week, the Reserve Bank of India, the government organisation responsible for dealing everything with money released an official statement asking its people to stay away from Bitcoins.

The reason being, it is decentralised and it can never be tracked. So if anything goes wrong, they won’t be able to help you (which we already know). Also, it might be illegal since it can be used for money laundering.

Recently, China made Bitcoins illegal which was a huge blow for the virtual currency. More countries are looking into it.

The Reserve Bank has also stated that it is presently examining the issues associated with the usage, holding and trading of VCs under the extant legal and regulatory framework of the country, including Foreign Exchange and Payment Systems laws and regulations.

Also, the Indian Government might make them illegal. So, if you’ve mined or even have some Bitcoins, this might be a good time to dump them if you’re from India.

You can read the complete document released by the Reserve Bank of India here.

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