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RBI says virtual currencies pose financial, legal, customer protection and security risk

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Expressing concern over the growing acceptance of virtual currencies, RBI Deputy Governor R. Gandhi on Wednesday said these pose potential financial, legal, customer protection and security-related risks.

“We can see that in these types of virtual currencies, there is no central bank or monetary authority. They pose potential financial, operational, legal, customer protection and security-related risks,” Gandhi said at a Fin Tech conference here organised by industry chamber Ficci, Indian Banks’ Association and IT industry body Nasscom.

“No established framework for recourse to customer problem, disputes and grievances is feasible with this kind (virtual currency) of framework.

For more on this story visit the following link: RBI says virtual currencies pose financial, legal, customer protection and security risk

Source: FirstPost

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