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Indian Bitcoin Exchanges Suspend Operations Following RBI Warning

(CoinDesk) Several Indian Bitcoin exchanges have pulled the plug and halted trading following a statement issued by the Reserve Bank of India this week.

The RBI warning advised consumers and investors to steer clear of Bitcoin, citing numerous risks associated with digital currencies. The list of concerns outlined by the RBI was more or less standard – lack of regulation, security issues, rampant speculation and volatility.

The RBI also pointed out that Indian Bitcoin exchanges are operating without regulatory approval, which is hardly surprising given the fact that India does not have a regulatory framework that would encompass digital currencies.