Why Bit Coins Won’t Be Accepted By Indian Banks

Riti Sharma / July 7, 2018

The whole World is going gaga over the crypto currency that has become the talk of the town in a fairly recent past. Plenty of us have seen the sudden rise in the ROI (Return on Investment) as what might worth a dollar in 2K11 has turned out to be a good hundred thousand grand in 2018, but how did it all happen? What’s the whole story behind the sudden rise?

Stay with us as we are about to uncover the A to Z of crypto currency and mainly bit coins!

1. It’s Still Dark and Unpredictable

Let’s face it, there’s absolutely no guarantee about them. Majority of people aren’t even aware of it and those who have are still not sure about its authenticity. The RBI has stated “Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end”

This statement clearly indicates the vulnerability as it is still being held privately and that has raised multiple loopholes in this virtual platform.

2. What’s The Current Picture

The grass always looks better on the other side of the garden, but unfortunately it isn’t the case with bit coins. Initially one could buy or sell crypto currencies such as bitcoin on exchanges. The process involved transferring money to a bank account linked to the exchange and getting the equivalent number of bit coins or any other virtual currency.

But, since it hasn’t been validated by the government of India, so betting on such currencies especially being a resident of country won’t be a wise decision.

3. What Possibly Be The Next Step

The country is going digital and people have understood the advantages and features that sit offers. It saves time and most importantly all the transactions can be trace as and when needed. RBI has also issued a press release earlier in this regard stating “As such, any user, holder, investor, trader, etc. dealing with virtual currencies will be doing so at their own risk.”

The Final Statement

The current picture doesn’t sound pretty convincing as far as bit coins or any virtual currency is concerned, but it might be just a little too early to jump into any conclusion. We hope our blog helped you in getting the insights of this booming industry.

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