2013-06-28 The Times (India): RBI red flags 'virtual currency'

Basically it looks like Indian bureaucrats are too lazy/unadventurous to do original research, and will thus be regurgitating whatever comes out of FinCEN and other USA agencies almost verbatim with a few months' lag.

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MUMBAI: The Reserve Bank of India has expressed concern over the rise of "virtual currencies" which are the likes of bitcoin. The concerns have been voiced at a time when the US authorities have cracked down on a virtual currency company "Liberty Reserve" alleging that it was involved in money laundering.

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In its financial stability report, RBI has for the first time raised the issue of virtual currency in India. "The unregulated link between virtual currency (if permitted), and traditional currency with a legal tender status poses challenges as the complete control over the differently denominated virtual currency is given to its issuer, who governs the scheme and manages the supply of money at will," RBI said. It added that regulators are studying the impact of online payment options and virtual currencies to determine potential risks associated with them.

http://timesofindia.indiatimes.com/business/india-business/RBI-red-flags-virtual-currency/articleshow/20808495.cms

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