India Raises Concerns On Bitcoin’s Credibility, But Doesn’t Call It Illegal Yet

TechCrunch

Bitcoin traders are having a roller coaster ride everywhere and India is no exception. After initial momentum that saw several Bitcoin exchanges emerge in India, the Reserve Bank of India issued a warning that sent many traders into a tizzy last year.

Now, Raghuram Rajan, the RBI’s new governor has reiterated the central bank’s concerns about the credibility of Bitcoin. Addressing a technology conference in Mumbai earlier today, Rajan said there are ambiguities about who controls the value of Bitcoin.

“As a currency, I do worry a little bit when the underlying (value) fluctuates tremendously. One of the values of a currency is stability and the extent (to which) a currency is target of speculation as opposed to primarily a means of exchange,” he said addressing a conference organized by technology industry body Nasscom.

I do think we have to understand the role of virtual currencies and how they will interact…

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