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Virtual Currencies Threat To Financial, Legal And Security?

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  • Virtual Currencies Threat To Financial, Legal And Security?

    In a statement at a FinTech conference in Mumbai, the Reserve Bank of India (RBI) deputy governor R Gandhi mentioned that Virtual currencies like Bitcoin may be in fashion but they could pose potential financial, customer protection and security related risks, as per a post published on bloombergquint.

    His comments may not go down well with investors in India.
    This means the Reserve Bank of India is keeping a close watch on the growth of Bitcoin.

    It may be that at some point of time, they can think about some rules and regulations for Bitcoin? Scary isn't it?

  • #2
    To be very honest, I think what he said is somewhat correct. I always believe that first thing any country like India should do is work on regulation, it is TOO dangerous to leave the door open, and as this is ideal source to use for illegal activities and I believe it should be the biggest concern. This is something that will be watched closely not just by India, but many other countries too, as Bitcoin is great but it comes with scary package.

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    • #3
      Yeah it is the potential misuse and instability caused to regular financial system due to Bitcoins and other virtual crypto-currencies which in turn are not issued by any legal authority. Imagine each and each citizen of a country bringing out their own currency! Can you imagine the chaos it would cause to the entire system?!

      So the concern is genuine and must be addressed before Bitcoin can be fully implemented at all levels and countries. Caution is required the upmost!

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      • #4
        Yes the concerns are genuine enough and one must not ignore it howsoever we like virtual currencies. The business model of such virtual currencies is quite questionable as there is no owner or legal authority for the same. If you lose Bitcoin via scamming there is nobody you can complain to! You are on your own! The potential to misuse is also bigger and one needs to address that too! So overall one needs to be cautious though with regulatory overreach one can try to bring down the bad effects of virtual currencies.

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        • #5
          Quite agree with Francis Fabrizi. Any unregulated currency asset is liable for misuse. Even though current currency can also be misused but with virtual/crypto currencies it is going to be more problematic as the transmission of such systems is anonymous and there is no legal authority behind the Bitcoin production, usage and monitoring.

          So in such a case people need to be cautious enough and not do anything silly! But with a regulated system, one can be at peace of mind!

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          • #6
            Yes the possibility is high. This is more in the case of Bitcoin and other crypto currencies which are unique and have different characteristics than the normal currencies. So end users like you and me must be very careful in dealing with such assets which can become useless too as it is quasi-legal and authorities world over are still trying to learn more about it! So the responsibility of all the consequences to the users only

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            • #7
              It is not. Threat is not a word to be used because threat is there for everything everywhere. Virtual currency intact is even beneficial to all these sectors as without these sectors help virtual currency will never get physical nor will be able to get utilized.

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