Bitcoin’s price jumped this year, leading people to think this could be high-return albeit risky investment area. The sudden jump in the market rate of the bitcoins in December crossing USD 19000 mark created an uproar in markets all over the world and ever since, discussions over Bitcoins have become prevalent.
Due to the sudden increase in the bitcoins' market rate, governments from all over the world were forced to take into account the power and popularity of cryptocurrencies. At the same time, several other platforms started enquiring and dealing in the different cryptocurrencies.
A bitcoin is valued around Rs. 12.5 lakh (on December 27) and the spike and volatility of the cryptocurrency has come under the radar of the Indian government too.
Observing that the market for bitcoins cannot be ignored, regulator of Securities and Exchange board of India (SEBI) Chairman, Ajay Tyagi has said a government panel is looking into cryptocurrency as it hasn’t been legalised by the RBI or any regulator. Anyone using bitcoins and carrying out transactions will be under the scanner of the government.