The Indian government has been actively issuing warnings regarding the risks of investing in cryptocurrencies such as bitcoin. However, Indians are not deterred, crowding to register at crypto exchanges in the country.
This week, Finance Minister Arun Jaitley reiterated in Lok Sabha that cryptocurrencies are not legal tender in India. Last week, the finance ministry issued a warning, stating that they are “like Ponzi schemes.” Several parliament members also expressed concerns over their trading at crypto exchanges. Meanwhile, the Reserve Bank of India (RBI) has issued multiple warnings of its own. Last year, the bank issued two warnings regarding cryptocurrencies, one in February and one in December.
Despite multiple warnings by the government, Indians are still attracted to cryptocurrencies, rushing to open accounts at crypto exchanges.
Source: news.bitcoin.com
My Thoughts:
Indians shouldn’t have anything to worry about... I don’t think the government really should have any influence on the people’s choices. Clearly their warnings are ignored as they should be.
