As regulatory glare intensifies on bitcoins due to possible money laundering, cyber security and other risks, over five dozen other virtual currencies have come under the scanner and include a desi version by name of ‘laxmicoin’
The total value of these 67 digital currencies in circulation over internet has reached nearly $ 13 billion (over Rs. 80,000 crore), out of which bitcoin alone accounts for over $ nine billion, according to market estimates.
However, total value of bitcoin and other such virtual currency trades in India is estimated to be worth only a few crores as of now, although NRIs living abroad are expected to be dealing with bitcoins in a big way.
According to those dealing in bitcoins and other such currencies, RBI’s caution notice and action initiated by enforcement agencies in the country has been a major dampener and could come in way of launch of Indian versions of such currencies and that of exchanges providing trading platforms.
A number of bitcoin operators in India have begun suspending their business following RBI’s warning against use of such virtual currencies due to potential money laundering and cyber security risks.
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