Advertisement

HindustanTimes Tue,25 Nov 2014

RBI asks people to be cautious of bitcoins

PTI  Coimbatore, December 28, 2013
First Published: 19:49 IST(28/12/2013) | Last Updated: 19:51 IST(28/12/2013)

RBI on Saturday cautioned people about bitcoins, virtual currency which has risen sharply in value in the past few months, but said any regulation on it would come only after it understood the subject.

Advertisement

There was no regulation on bitcoin anywhere in the world and so people should be cautious, should understand, RBI deputy governor KC Chakrabarty told reporters in Coimbatore.

"Regulation comes only when people are doing certain business, and we come to understand that something wrong is happening. First of all we don't understand this subject," he said replying to a specific question.

"Neither we regulate them nor we support them. So till we understand that, have some clarity on it, how and why people are doing it, only then regulation comes," he added.

On bankers being apprehensive about the guidelines on insurance broking, he said banks had any problem, they can write to RBI in any policy level issue for solution.

Replying to a question, he said issuance of new licences to banks would be given some time next year.

Stating that the credit offtake would improve only when the economy started doing well, he admitted that, despite all out efforts, the apex bank had not been able to bring down retail inflation.

The RBI has limitations in tackling price rise. "WPI (wholesale price index) inflation has come down. We are still determined in bringing inflation down," he said.


Advertisement
more from Business

India can grow at 9%, become $10 tn economy: PwC

India has the potential to achieve 9% growth rate and become a $10 trillion economy by 2034 on the back of concerted efforts by the corporate sector and a constructive role played by the government, a PwC report said on Monday.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved