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Top India Bitcoin operator halts trade after bank warning

Published on Dec 27, 2013 7:17 PM
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NEW DELHI (AFP) - India's biggest Bitcoin trading platform said on its website on Friday it had suspended operations after the central bank warned against the risks of using virtual money.

BuySellBitCo.in closed its platform, citing an advisory by the Reserve Bank of India issued on Christmas Eve highlighting the risks of trading in digital currencies.

"We are suspending buy and sell operations until we can outline a clearer framework with which to work," BuySellBitCo.in said on its website, adding that the move was "to protect the interest of our customers".

The central bank's warning comes after Bitcoin, which can be stored either virtually or on a user's hard drive and offers a largely anonymous payment system, had begun gaining popularity in India.

 
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