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“The Reserve Bank of India has expressed concern over the rise of ‘virtual currencies’  which are the likes of bitcoin. Virtual currencies or crypto currencies have also come under the focus of the police. In its financial stability report, RBI has for the first time raised the issue of virtual currency in India. ‘The unregulated link between virtual currency (if permitted), and traditional currency with a legal tender status poses challenges as the complete control over the differently denominated virtual currency is given to its issuer, who governs the scheme and manages the supply of money at will,’ RBI said.”

http://timesofindia.indiatimes.com/business/india-business/RBI-red-flags-virtual-currency/articleshow/20808495.cms