Reserve Bank of India risk warning

The Reserve Bank of India warns citizens that virtual currencies (VCs) including Bitcoins, Dogecoins, and Litecoins could be dangerous.

The creation, trading or usage of VCs including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities. As such, they may pose several risks to their users.