Cryptocurrency ALERT!! Ban on Bitcoin, others over, but beware, you can lose your money; read warning
Cryptocurrency has now become a legal trade in India as the Supreme Court on Wednesday quashed RBI's ban on the virtual currency trade - this includes Bitcoin.
Cryptocurrency has now become legal in India as the Supreme Court of India on Wednesday quashed the Reserve Bank of India (RBI) ban on virtual currency trade - this includes, Bitcoin, Ethereum, Ripple and others. The Supreme Court delivered its decision yesterday after hearing the petition challenging the RBI's April 2018 decision to ban the Cryptocurrency trade in India.
However, market experts have raised an alarm citing lack of regulation and framework under which virtual currency trade can be executed. They are of the opinion that Cryptocurrency trade is highly risky and highly volatile and there is no framework or regulation on it.
Speaking on the Cryptocurrency trade, Prakash Pandey, MD & CEO at Plutus Advisors said, "In Cryptocurrency trade, there is no bearer. It involves counter-party risk and the regulator needs to fix the issue of who will the paying party in the case of default." Pandey went on to add that in currency trade, the bourse has those registered currencies that exist in the physical market. However, in the case of Cryptocurrency, there is no existence of the currency whose trade is taking place.
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Commenting upon the Supreme Court lifting Cryptocurrency ban, Prakash Gagdani, CEO, 5Paisa.com said, "Supreme Court has allowed legality of cryptocurrency. However, it is important for the regulator to lay down the proper framework so that investors' interest is protected.”
For information to the readers, there continues a global uncertainty over the Cryptocurrency trade, especially on the regulatory matters. The Indian Government and the RBI have been quite skeptical about the virtual and digital currency trade as they believe such trades are like the Ponzi schemes that offer unusually high returns to the early investors.
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