Reserve Bank of India warns public against use of Virtual Currency Bitcoin

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The Reserve Bank of India(RBI) has issued a warning against the use of Virtual currencies such as controversial Bitcoin saying that they poses a potential financial, legal and security related risks.

RBI warned in its press release that creating, trading or using any of virtual currencies including Bitcoin, Litecoins, bbqcoins, dogecoins are not authorized by any central bank or monetary authority.

RBI said since the virtual currencies are stored in digital form(electronic wallets), they are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack.

The warning comes few days after Chinese government banned the use of Bitcoin in their countries Banks, pointing out the risks of using Virtual Currency.

Earlier this month, the French Central Bank also issued a warning about the Bitcoin transaction. 
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