Is it illegal to use virtual currencies and e-wallets for online funds transfer?

Drsunil V December 25, 2013
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Is it illegal to use virtual currencies and e-wallets for online funds transfer? What are the potential risks with their use? Are virtual currencies like bitcoins, bbqcoins the same as e-wallets?

  1. Russell Smith
    December 26, 2013 at 4:39 am

    The biggest factor is safety issue. It is legal but you should follow the bank's advisory guideline for preventing your account from unwanted intrusion or fraud.

    Regards:
    Russell

    • Drsunil V
      December 26, 2013 at 4:28 pm

      I understand. To ask your clarification , please tell , then why are bitcoin shops shutting down following RBI warning?

    • Susendeep D
      December 29, 2013 at 8:02 am

      It might be that the site owner doesn't wants to get into ugly legal tangle of money laundering.As if anybody gets caught in such activity,then the site master would have to deal to handover the details as well as would be asked to coordinate into investigation and much more.

      So,they thought it would be better to pause their activities rather than get into such thing which is not regulated.

    • Drsunil V
      December 31, 2013 at 9:04 am

      Thanks to both respondents. Please tell , in addition to bitcoins , is e-wallet also a virtual currency?