Centre warns crypto currency investors

Updated:11 months, 2 weeks ago IST

New Delhi, Dec 29 (ANI): The Central Government on Friday warned the investors before venturing into crypto currencies. The Ministry of Finance warning came after witnessing rising popularity of the people in VCs. Comparing VCs to ‘Ponzi Schemes’, the Government said that Crypto Currencies such as Bitcoins do not have any intrinsic value and they are not backed by any kind of assets. The value of Virtual Currencies is based on speculations which results in volatility in their prices. The statement of the Government also lamented that the dependency of such currencies online makes it vulnerable to hacking, malware attack and loss of password. The Government notified that Reserve Bank of India (RBI) has not authorised any VCs as a medium of exchange and Central Bank has given no licenses to any such companies to operate in VCs.

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