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Payments and fintech roundup: RBI and Steam on bitcoins and PhonePe’s transactions

RBI cautions users about bitcoins again The Reserve bank of India (RBI) reiterated its stance on bitcoins and cryptocurrencies and cautioned users, holders, and traders in a statement. This week, RBI executive director S Ganesh Kumar said that bitcoins and other cryptocurrencies will not be used for making payments and settlements, as indicated by this Moneycontrol report. In 2013, the RBI had said that it would 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 themselves to financial, legal, operational and security-related risk. As such, any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk. In recent times, the value of bitcoin has been soaring. Yesterday, bitcoin's value touched over $14,000 in a rally. *** Steam to stop accepting bitcoins for game payments Valve, the company which operates online games marketplace Steam, says it is ending support for bitcoin as a payment method for game purchases. Valve said that the high fees and the volatility of the price of bitcoins have made it untenable for the company to support bitcoin purchases. Valve said that transaction fees that are charged to the customer by the bitcoin network went up $20 compared to $0.2 when they enabled bitcoin. "When checking out on Steam, a customer will transfer x amount of Bitcoin for the cost of the game, plus y amount of Bitcoin to cover the transaction fee charged by the Bitcoin…

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