PwC's Managing upstream risk: Regulatory reform review - An asian perspective December 2013 | Page 25

2.13 AML and Financial Crime

2.14 Bank Licensing

India

India

As regulatory glare intensifies on Bitcoins due
to possible money laundering, cyber-security
and other risks, over five dozen other virtual
currencies have come under the scanner,
including a desi version named ‘laxmicoin’.
The total value of these 67 digital currencies
in circulation over Internet has reached nearly
$13 billion (over Rs. 80,000 crores), out of
which Bitcoin alone accounts for over $9 billion,
according to market estimates.

A virtual currency is a form of unregulated
digital money, not issued or guaranteed by
a central bank, which can act as a means of
payment. It is now increasingly possible to use
virtual currencies as a means to pay for goods
and services with retailers, restaurants and
entertainment venues.

The total value of Bitcoin and other such virt Յ