Over Christmas, the Reserve Bank of India (RBI) finally published a comment warning the public about the dangers of dabbling in Bitcoin. Raids have followed, forcing websites that trade the virtual currency to suspend operations.
Enthusiasts have long hailed Bitcoin as a panacea for India’s economic problems, from low rates of financial inclusion to an unsustainable demand for gold. But even the most zealous Bitcoin miners admit that the future of the virtual currency lies with the regulator – which seems to be wary. Read more