The government has cautioned the risk of bitcoin, as a ponzi scheme

Virtual currency, along with bitcoonline, is a kind of virtual currency, which has been exponentially increasing in recent times. Given this, the government has warned people against the risk of all virtual currency including bitcoin

New Delhi : The government has warned people against the risks of all virtual currencies including bitcoin. At the same time, it is considered a kind of Ponzi scheme in which people invest money in the greed of huge profits, but later also the saliva of the parent falls. 

Bitcoin is worth more than Rs.10 lakh.

Virtual currency, along with bitcoin, is a kind of virtual currency whose price has increased rapidly in recent times. This kind of currency is also called crypto currency. In today's day, the cost of a bitquoine is more than Rs 10 lakhs. The government's first Reserve Bank has also warned people three times (December, 2013, February 2017 and December 2017) against virtual currency. Yet the attraction among the people has not diminished. After this, the finance ministry had to issue a statement. 

Virtual currency is neither a note nor a coin

The ministry says that neither the government nor the Reserve Bank has given any kind of recognition to the virtual currency as a medium of transaction. There is also no 'Fiat' (Rupee-Money Fiat currency) of the government, that is, the government has recognized it as a means of transaction by law). Virtual currency is neither seen as a paper note nor a metal coin. So virtual currency is neither a note nor a coin. The government or any regulator has licensed the issuance of bitcoin to any agency, institution, company or market arbitrator. The Ministry has clearly said that those who are putting money in it are doing this at their own risk. 

Hanking , forgiveness of passwords and threat of malware attacks is always there

The Ministry also says that there is no inherent cost of virtual currency and there is no property behind it. In such a situation, the price fluctuation is completely betting. There is real risk in this virtual currency and the way people lose money in Ponzi scheme, the same situation can happen here too. Such currency is kept in electronic form. In this case, hankings, forgiveness of passwords and threats of malware attacks are always there. If anything happens, the money will be completely sinking. The Ministry also fears that such currency can be used to provide money for intensive activities, smuggling, trade of narcotics and illegally transfer money from one place to another.