Well in other news this week, scientists have found something faster than the speed of light and yes the results concluded tell it was the price of much talked about Bitcoins. The exchange prices for the famous cryptocurrency rose up to 2500 US Dollars in just one week and closed at an all-time high of 12000 Dollars this Wednesday. While the majority bunch like us are regretting not investing in it earlier, The Reserve Bank of India is still discouraging the use of Bitcoins.
RBI Issues Third Warning Against The Use OF Bitcoins
Of all people or associations that have been spellbound by the revolution that Bitcoin has brought along with it, The Reserve Bank of India is still sceptical about the use of them. It has issued its third warning for people and large investors against the use of it this week after the Bitcoin exchange prices touched 12000 US Dollar mark for the first time. Apparently, the Reserve Bank of India has some serious doubts about the use of Bitcoins which it wants you to consider.
RBI thinks that the digital currencies like these were stored in electronic wallets which are more prone to hacking. Something as simple as you losing your password to Bitcoin may end up leaving you robbed.
Since the payments happen via a peer-to-peer network which means the encryption happens on the device the two parties carry out the Bitcoin transaction, there is no way a dispute between the two parties can be settled by a central authority.
The RBI also warns that the legal status of the famous cryptocurrency Bitcoin is still unclear in a majority of countries which may end up putting you in legal and financial risks.
Additionally, RBI also hinted on the recent reports that the use of Bitcoin transactions has increased in the use of illegal activities and with peer-to-peer transactions that may give rise to people involved in this. The use of Bitcoin transactions may be used in money laundering, extortion, and even something as big as terrorism itself. Arun Jaitley has already denied the Indian Government recognising Bitcoin as a legal tender in our country.
Source: MoneyControl
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