No systemic risk yet from bitcoin, says Sebi chief

Ajay Tyagi said there should not be any regulatory oversights on blockchain technology saying this is a useful technology that should be encouraged

Capital markets regulator Securities and Exchange Board of India (Sebi) feels cryptocurrencies, fast gaining popularity, don't pose a systemic risk for Indian markets at present but what is unfolding needs watching.

Speaking at a CII Financial Markets Summit, Ajay Tyagi, chairman of Sebi, said: "Bitcoin does not pose a systemic risk right now but the area can't be ignored. The ministries of finance and information technology are looking into it, in consultation with the Reserve Bank of India (RBI)."

Bitcoin and other virtual currencies are catching the attention of investors, thanks to a meteoric rise in their prices this year. There are