Showcasing the popularity of Bitcoin on all sides in the past, The biggest revenue earners in the year 2017 include people from every field. But the Government of India has made it clear that this virtual currency has no official recognition.
A warning has been issued to the Finance Ministry on behalf of Bitcoin and to be cautious of the people. They say that this is a fake chit fund and it does not run a government agency. There is no valid way to run it. People can be fraudulent.
The Ministry of Finance said that there is a high risk of investment in Ponzi schemes on investment in such currency. This can cause huge losses to investors, especially retail customers and their hard-earned earnings can be in danger.
The finance ministry said that virtual currency is collected in digital form only. It is afraid of hacking, lost passwords and virus attack etc. Customers need to be alert and very careful so that they can avoid getting trapped in such a Ponzi scheme. The Ministry said that the cost of bitcoin and other cryptocurrency is purely on the basis of speculation and hence its prices have so much fluctuation. It is noteworthy that in recent days including bitcoin, the value of the virtual currency (cryptocurrency) has increased rapidly.
Cryptocurrency is a digital currency. In fact, there is no existence of crypto coin, it is simply suitable for digital transactions. The ministry says that there is no real value of such kind of currency and there is no property base behind it.
In its statement, the ministry said that the cryptocurrency holders, its users and businessmen have already been warned by the Reserve Bank three times about its threats. Central Bank also periodically also informs that he has not given any license or certification to run such currency deals or related schemes.
Minister of State for Finance P. Radhakrishnan also said in the Lok Sabha on Friday that the Department of Economic Affairs had constituted an inter-departmental committee, which has created a framework for regulating the current regulation and legal structure of bitcoin or cryptronomy around the world. The minister informed the Lok Sabha that the committee has given its report and now the government is considering it.