RESERVE BANK OF INDIA WARNS ON BITCOIN
RBI warns on the possible risk that involved in the Bitcoin .It is the third time since 24 December 2013 reserve Bank of India has issued a statement on the possible risk involved in the trading of bitcoin and all the similar virtual currency (VCs).
According to RBI trading in bitcoin and virtual currency is risky as there is no any central regulatory authority of VCs . since the money is stored electronically there is possible threat of cyber scam and hacking.
As per RBI since Bitcoin has no any central control neither do have any authorize exchanges in India so trading in these currency is totally risky and loss of money can't be claimed either. Trading , creating and using in the VCs and bitcoin is not authorized neither recognized by the RBI.
similar warning has been issued in February 2017 . It is important to note that RBI has not given any licence or authorization to any entities to deal with virtual currencies including the much hyped bitcoin.
In India the price of Bitcoin is roaring like a lion in the jungle. The highest price on one of india's largest exchange Zebpay was recorded as on 7th DEC 2017
buy rate : - 1 bitcoin = Rs 10,56,500-/
sell rate : - 1 bitcoin = Rs 10,20,106-/
Now the point is that, is Bitcoin really a scam or a scary currency? , or it is the possible threat to the real currency of the country , which is gaining the popularity day by day.If the currency is not good for the economy and the chances of fraud is very prevalent then why the government has not stopped the exchanges or taken any concrete step .
Is really RBI worried about the public interest or worried about that people could stop using India's own currency gradually. or is RBI is scared to the popularity of the virtual currency .
Whatever the thing is , its the fact of the modern time that bitcoin is the top currency on the planet earth . No currency has ever reached this price hike till date. Indian government is still thinking to regulate this currency whereas some countries have recognized it as well. Trading on bitcoin is risky and should people trade in it? , its the question that has no proper answer till date.
Author : Satyam kirti
