The test lies in convincing them about the advantages of such a product but the acceptance infrastructure and backward linkages have also to be built. We have to find ways to address such issues through awareness campaigns over the mass media. The need for orderly growth – Is the industry adhering to laid down rules and regulations?
As a part of our oversight responsibility, we had carried out on site inspections of certain operators. This revealed several shortcomings relating to maintenance of escrow accounts,  4  BIS central bankers’ speeches  adherence to guidelines on KYC, absence of an efficient system to monitor and report suspicious transactions and in putting in place systems and practices for ensuring customer protection.