Assocham praised the RBI’s move to keep a close look on cryptocurrencies trade in india which is unregulated and not with govt. regulated guidelines.
Assocham added that :
Of course the inter-departmental study group of the Reserve Bank of India would examine all the safety aspects when it starts work on exploration of the crypto currency which has been introduced by private parties in several parts of the world and has attracted a lot of attention. The need for safety is highlighted more by the recent and serious incidents of breach of the Facebook data of as many as 87 million users all over the world.”
Going ahead, Assocham added, “A high level of coordination among all the central banks would be required along setting up some kind of a global oversight to guard against misuse of the new currency by the anti-social elements, terrorists, enemy countries”.
As of now the Bitcoin prices are on a downward trend since start of the year.