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RBI reiterates warnings about trading in Bitcoins

Reuters  |  MUMBAI 

(Reuters) - The Reserve of (RBI) on Tuesday reiterated its concerns about Bitcoins, just days after the cryptocurrency hit a record high of just under $11,800, stoking fears that a rapidly swelling bubble could burst in a spectacular fashion.

The said it wanted to reinforce its previous message to "users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs."

The statement was issued after the cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Luxembourg-based Bitstamp exchange on Sunday.

The had previously said those trading in virtual currencies were doing so at their own risk, given that the central has not given a licence or authorisation for any company to deal in such cryptocurrencies.

(Reporting by Rafael Nam; Editing by Subhranshu Sahu)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 05 2017. 18:45 IST