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India Might Soon Issue a Bitcoin-Related Warning

Avatar Jayanand Sagar 6 years ago

India Flag SmallBy now, we have already heard that both China and France have issued public warnings against digital currency bitcoin. The next country that might jump on to the bandwagon is India, according to an IndiaTimes report.

The concern is the very selling point of bitcoin — the fact that it isn’t regulated or controlled by a central authority. In addition, officials think the public are subject to being scammed (as if to say the whole bitcoin ecosystem is a ponzi scheme).

“At least a public advisory may be issued soon to warn against possible risks associated with Bitcoins,” said a senior official in India. “The fact remains that regulators are scrambling for ways to regulate this entire gamut of digital currency, as it is a totally new concept in India and even the jurisdiction is not clear as yet on who should regulate them.”

According to V Rajendran, president of Cyber Society of India, “The real fear is that Bitcoin can be used to help money laundering.”

“The concept of a digital currency, unregulated by any monetary authority, is a recipe for disaster. The RBI must step in and regulate this immediately. Lured by so-called appreciation in Bitcoin value, people may invest in this and risk losing everything.”

It’s an interesting theory, but one that shows the overwhelming nervousness of big governments when it comes to the topic of digital currencies that may one day overtake traditional fiat currency. (via IndiaTimes)

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