Bitcoin is the most famous cryptocurrency, rising 19-folds in value, it has attracted many retail investors from around the world. However, cryptocurrencies are yet not a legal tender in India and Bitcoin is disapproved as a legal currency.
Finance minister Arun Jaitley highlighted in a statement that cryptocurrencies are not legal tender and have no regulatory permission or protection in the country. However, there was no announcement banning or imposing any curbs on the same.
The government panel is also awaiting a report on tackling cryptocurrencies in India, Jaitley said.
The government has recently cautioned investors to be wary of virtual currencies like bitcoin, saying they are like Ponzi schemes with no legal tender and protection.
There is no bank or government tax agency that can track your money and its movement. Hence, it can become a tool for money laundering. Pixabay
There is no insurance protection of your bitcoin wallet i.e. if you lose your wallet's hard drive data or even your password, your wallet's content is gone forever. Pixabay