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Bitcoins and virtual currencies potential is being overstated: RBI deputy governor

We missed this earlier.  In a speech earlier this month, Reserve Bank of India (RBI) deputy governor R Gandhi said that the potential of virtual currencies, such as Bitcoin, is being overstated. "We can see that in these types of solutions for Virtual Currency, there is no central bank or monetary authority. They pose potential financial, operational, legal, customer protection and security related risks," he said. This has been the most comprehensive statement the RBI has given over the years on virtual currencies. The RBI has only cautioned users intermittently and opted not to regulate them.  Earlier in December 2013, the RBI  issued a warning that it will not regulate any Virtual Currency including Bitcoin in India and warned people who were dealing with the currency in India of the risks involved, saying that they’re exposing them to financial, legal, operational…

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