After the Chinese government denied bitcoin as legal tender, it is once again feeling the squeeze in India. "There is no underlying or backing of any asset for virtual currencies. As such, their value seems to be a matter of speculation," the Reseve Bank of India said in a statement, emphasizing that bitcoins were not authorized, thus posing serious risks to their users.India's largest bitcoin exchange service BuySellBitCo has suspended its operations, and the home of its CEO was raided by authorities, according to a local report.
Written by Dora Men