RBI has asked its own regulated entites Such as banks to stop providing service to individuals or business entities dealing in cryptocurrency for fiat (INR) on and off ramps.
Which mean you may not be able to by buy or sell cryptocurrency for INR through banks.
The Deputy Govrnor of RBI ...R Gandhi give a keyhole address last week at a fintch canference starting that bitcoin has value and is Eliminating currency.will fail to achieve mass adoption.
Its not secret that RBI has never been a big fan of cryptocurrency.In the past ,the central bank has given fair warning against investing in the like of bitcoin due to its high volatlity and specelative nature.
7 Reason why you should not invest in bitcoin.
1.Extreme volatility.
2.Neither commodity ,non currency.
3.Dont invest if you dont understand .
4.An unregulated spaces.
5.The issue of Iegality.
6.Prone to illegal activity.
Warning from RBI before you risk losing your money.
1.RBI has not authorised any entitiy of company to deal with bitcoin or any other virtual currency in INDIA.
2.Bitcoin is prone to hacking and malware attacks.
3.There no logal recourse for any case of Bitcoin froud .
4.Bitcoin value is based on speculation.
5.Bitcoin exchange platforms are setup in jurisdictions .Whose legal status in unclear.
6.Bitcoin are user for illegal and terrorism activities .
How to keep your money safe if you want to invest in cryptocurrencies.
1.Invest in bits.
2.withdraw your principal.
3.keep your key locked up.
4.Handle with care.
5.Use an offline wallet.
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Thank you
Akshay panwar
