Black money SIT reviews use of cryptocurrencies; directs clampdown The RBI had come out with three specific warnings to discourage the public from investing in the virtual currencies The Special Investigation Team (SIT) on black money has asked probe agencies to check and curb the use of cryptocurrencies as it reviewed their operation and circulation in the country and links to shady offshore transactions. Officials said the SIT recently held a meeting in the national capital during which it was briefed about the overall scenario of the operations of this virtual currency in the country. The SIT, official sources said, called cryprocurrencies like bitcoins "illegal" and asked probe agencies such as the Income Tax Department, the Enforcement Directorate (ED) and the Narcotics Control Bureau (NCB) to detect and stop their usage and check transactions being done over the Internet, including those with cross-border ramifications. The panel, they said, would also prepare a