As people increasingly deal in the high-risk virtual currencies, Reserve Bank of India (RBI) has raised a red flag. It has once again cautioned users, holders and traders of these online currencies regarding the potential financial, operational, legal, customer protection and security-related risks associated with their trading. India is still considered a nascent market with a volume of just around Rs 300 crore, but has seen a phenomenal growth in the recent past. DNA reported that bitcoins and other virtual currencies are now used as 'black money' in real estate transactions in India. This is adequate reason for the government and the central bank to keep a close watch on their trading, if it plans to clean the system of 'black money'.

Source: dna December 06, 2017 01:18 UTC