India wary of using Bitcoins

The head of the Reserve Bank of India, Raghuram Rajan, has insisted on the institution's concerns about using Bitcoin as there are "ambiguities over who controls the value of the currency."

This was expressed Rajan in a technology conference in Mumbai which includes TechCrunch. "As a motto, I worry a little when the underlying value fluctuates tremendously. One value of a currency is stability," he said.

"We need to understand the role of virtual currencies and how to interact with the real money is," he reflected Rajan, who has stressed that it is necessary credibility and control over who sets the value of the currency.

Recently, Bitcoin has been declared illegal in Russia as "the ruble is the only official currency" for what is considered a substitute currency unrecognized. Moreover, Russian authorities want to tighten regulations to prevent crimes such as money laundering via Bitcoin.

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