Latest in Bitcoin

Image credit:

Bitcoin exchanges shut down after threat from India's central bank

38 Shares
Share
Tweet
Share
Save

Sponsored Links

Bitcoin is quickly beginning to attract the attention of regulators in a number of countries. After a flat-out ban in Thailand and restrictions on banks in China, now several Indian Bitcoin exchanges have suspended operations following a warning from the Reserve Bank of India concerning digital currencies. Issued December 24th, the statement outlines the risks of a purely electronic wallet, unregulated transactions and value fluctuations. It also contains what could be considered a threat, however, stating that virtual currency users could be breaking money laundering and terrorism financing laws -- one report from the subcontinent suggests the government has carried out the first raid on a Bitcoin exchange, too. Thus, some sites have decided to close for the time-being, leaving notes on their homepages expressing the need for clear legal guidelines before trading can resume. Undoubtedly we'll see more countries take steps towards regulation, especially as the price of currencies rise. Nothing decreases something's worth like outlawing it, after all.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
38 Shares
Share
Tweet
Share
Save

Popular on Engadget

The best mobile devices for students

The best mobile devices for students

View
'Windjammers 2' is a stylish update to a Neo Geo classic

'Windjammers 2' is a stylish update to a Neo Geo classic

View
Self-folding 'Rollbot' changes its shape in response to heat

Self-folding 'Rollbot' changes its shape in response to heat

View
The Morning After: iPhone 'Pro' rumors

The Morning After: iPhone 'Pro' rumors

View
Google Photos can now search for text in images

Google Photos can now search for text in images

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr