Following in China’s lead, India’s banking regulator warned users of security and financial risks associated with virtual currency. The Reserve Bank of India (RBI) Had the following to say:
“There have been several media reports of the usage of VCs, including Bitcoins, for illicit and illegal activities in several jurisdictions. The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws”
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