In a public advisory late last month, the Reserve Bank of India (RBI) warned of the risks involved with virtual currencies such as Bitcoin. The central bank advised users to be cautious, given virtual currencies’ potential use in money laundering and terrorist activities. The RBI appears to be determining whether regulation is necessary.
Following the announcement, BuySellBitCo.in, India’s largest exchange, said it was suspending buy and sell operations until it could “outline a clearer framework with which to work.” INBRTC, another Indian bitcoin exchange, also shut down.
, an Indian publication, reported that BuySellBitCo.in owner, Mahim Gupta, has since been raided by authorities, who believe he may have violated the country’s Foreign Exchange Management Act.
The RBI’s warning follows
recent actions by the People’s Bank of China (PBOC)
, which have resulted in the usage of the currency being virtually banned. The PBOC has restricted Chinese banks from using Bitcoin in transactions, and has blocked Bitcoin exchanges from accepting inflows of cash. The actions by China have taken a toll of Bitcoin’s value.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
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Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more