Dr K.C.Chakaravarthy, Dy Governor of RBI has always been pragmatic when it comes to security issues in the Bank. He has also been always pro-customer minded when dealing with Banking issues.
True to his reputation, he has come up with an honest admission that at this point of time RBI has no plans to come up with a regulatory framework for Bitcoins. He says that RBI is neither supporting the system or coming up with any adverse regulation. He is candid to admit ..”Whether it is legal or illegal, we don’t know”.
We hope the ED shows the same pragmatism in dealing with the raids they have already conducted.