Use of Bitcoin Illegal, Can Attract Anti-money Laundering Law in India - Hallo friend CHOOSE HEALTHY, In the article you read this time with the title Use of Bitcoin Illegal, Can Attract Anti-money Laundering Law in India, we have prepared well for this article you read and download the information therein. hopefully fill posts items ALTERNATIVE MEDICINE, items COMMERCIAL, items GENERIC, items HEALTH, items HEALTHY RECIPES, we write this you can understand. Well, happy reading.

Title : Use of Bitcoin Illegal, Can Attract Anti-money Laundering Law in India
link : Use of Bitcoin Illegal, Can Attract Anti-money Laundering Law in India

Use of Bitcoin Illegal, Can Attract Anti-money Laundering Law in India

The NDA Government on Tuesday March 28,2017 said use of virtual currencies like Bitcoins is not authorised by RBI and could result in breach of anti-money laundering provisions.

The RBI has already cautioned users, holders and traders of virtual currency, including Bitcoin, about the potential financial, legal and security risks arising from the usage.

"The absence of counter parties in usage of virtual currencies including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws," Minister of State for Finance, Arjun Ram Meghwal, said in a written reply in the Rajya Sabha.

He further said that the creation of virtual currencies like Bitcoins as a medium of payments is not authorised by any central bank or monetary authority.

"No regulatory approval, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities," Meghwal said.

The RBI had earlier warned that any user, holder, investor and trader dealing with virtual currencies would be doing so at his/her own risk.

thus Article Use of Bitcoin Illegal, Can Attract Anti-money Laundering Law in India

that is all articles Use of Bitcoin Illegal, Can Attract Anti-money Laundering Law in IndiaThis time, hopefully can provide benefits to all of you. Okay, see you in another article posting .

You now read the article Use of Bitcoin Illegal, Can Attract Anti-money Laundering Law in India with the link address https://choosehealthys.blogspot.com/2017/03/use-of-bitcoin-illegal-can-attract-anti.html

Tweet

Subscribe to receive free email updates: