The ministry of finance on Friday cautioned people against the risks of investing in virtual currencies such as Bitcoin that are not backed by government fiat, and compared them with Ponzi schemes.
This follows a crackdown by the South Korean government on trading of Bitcoins which led to a 8% drop in its value on Thursday. Currently, the value of Bitcoin is around $15,000. The rapid rise in the value of the virtual currency this year has attracted the attention of not just speculators but also unsophisticated retail investors who often do not understand the risks involved. The virtual currency was valued at $1,012.4 on Continue reading
Posted in Economy, NATIONAL NEWS
Tagged bitcoins, consumer, crash, currency, digital, electronic, finance ministry, industrialist, investment, investor, money, ponzi schemes, scam, virtual currency
NEW DELHI: The All India Gaming Federation (AIGF) has sought a central legalisation allowing online betting and regulated betting on cricket, saying the government stands to earn thousands of crores in tax and revenues every year.
On Monday, the federation submitted a white paper to the Law Commission, which is working on a draft law in this regard. Betting on sports, except horse racing, is banned in India but it happens illegally in an unorganised and underground manner. Continue reading