Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | Bitcoins like Ponzi schemes: Govt    </title>
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-The Times of India

NEW DELHI: The government on Friday cautioned people against the risk of virtual currencies, saying they are not legal tender and do not have any regulatory permission or protection in India.


&nbsp;


In one of the sternest warnings by..."/>
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-The Times of India

NEW DELHI: The government on Friday cautioned people against the risk of virtual currencies, saying they are not legal tender and do not have any regulatory permission or protection in India.


&nbsp;


In one of the sternest warnings by..." />
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                            <div align="justify">-The Times of India<br /><br /><em>NEW DELHI:</em> The government on Friday cautioned people against the risk of virtual currencies, saying they are not legal tender and do not have any regulatory permission or protection in India.<br /></div><div align="justify">&nbsp;</div><div align="justify">In one of the sternest warnings by the authorities, the government said virtual currencies are not backed by government fiat. The caution comes against the backdrop of a surge in interest in such instruments, fuelled by astronomical returns in recent days. &quot;These are also not legal tender. Hence, virtual currencies are not currencies. These are also being described as 'coins'. There is, however, no physical attribute to these coins,&quot; a government statement said.<br /><br />&quot;Therefore, virtual 'currencies' (VCs) are neither currencies nor coins. The government or RBI has not authorised any VCs as a medium of exchange. Further, the government or any other regulator in India has not given licence to any agency for working as exchange or any other kind of intermediary for any VC,&quot; it added.<br /><br />The statement said there has been a phenomenal increase in recent times in the price of VCs, including Bitcoin, in India and globally. It said VCs don't have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation, resulting in spurt and volatility. &quot;There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes, which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money,&quot; the statement said. &quot;Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes,&quot; it added.<br /><br />Elaborating on the way these currencies are traded, the government said they are stored in digital, electronic format, making them vulnerable to hacking, loss of password, malware attack, which may also result in permanent loss of money. &quot;As transactions of VCs are encrypted, they are also likely being used to carry out illegal/subversive activities, such as, terror-funding, smuggling, drug trafficking and other money-laundering acts,&quot; the statement added. &quot;Persons dealing in them must consider these facts and beware of risks involved in dealing in VCs.&quot;<br /><br />Please <a href="https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms" title="https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms">click here</a> to read more. <br /></div>                                                           
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                            <div align="justify">-The Times of India<br /><br /><em>NEW DELHI:</em> The government on Friday cautioned people against the risk of virtual currencies, saying they are not legal tender and do not have any regulatory permission or protection in India.<br /></div><div align="justify">&nbsp;</div><div align="justify">In one of the sternest warnings by the authorities, the government said virtual currencies are not backed by government fiat. The caution comes against the backdrop of a surge in interest in such instruments, fuelled by astronomical returns in recent days. &quot;These are also not legal tender. Hence, virtual currencies are not currencies. These are also being described as 'coins'. There is, however, no physical attribute to these coins,&quot; a government statement said.<br /><br />&quot;Therefore, virtual 'currencies' (VCs) are neither currencies nor coins. The government or RBI has not authorised any VCs as a medium of exchange. Further, the government or any other regulator in India has not given licence to any agency for working as exchange or any other kind of intermediary for any VC,&quot; it added.<br /><br />The statement said there has been a phenomenal increase in recent times in the price of VCs, including Bitcoin, in India and globally. It said VCs don't have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation, resulting in spurt and volatility. &quot;There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes, which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money,&quot; the statement said. &quot;Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes,&quot; it added.<br /><br />Elaborating on the way these currencies are traded, the government said they are stored in digital, electronic format, making them vulnerable to hacking, loss of password, malware attack, which may also result in permanent loss of money. &quot;As transactions of VCs are encrypted, they are also likely being used to carry out illegal/subversive activities, such as, terror-funding, smuggling, drug trafficking and other money-laundering acts,&quot; the statement added. &quot;Persons dealing in them must consider these facts and beware of risks involved in dealing in VCs.&quot;<br /><br />Please <a href="https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms" title="https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms" class="re" target="_blank">The Times of India, 30 December, 2017, https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms</a><div class="clear"></div>
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NEW DELHI: The government on Friday cautioned people against the risk of virtual currencies, saying they are not legal tender and do not have any regulatory permission or protection in India.


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    <h1 class="cat-box-title">Bitcoins like Ponzi schemes: Govt</h1>
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                            <div align="justify">-The Times of India<br /><br /><em>NEW DELHI:</em> The government on Friday cautioned people against the risk of virtual currencies, saying they are not legal tender and do not have any regulatory permission or protection in India.<br /></div><div align="justify">&nbsp;</div><div align="justify">In one of the sternest warnings by the authorities, the government said virtual currencies are not backed by government fiat. The caution comes against the backdrop of a surge in interest in such instruments, fuelled by astronomical returns in recent days. &quot;These are also not legal tender. Hence, virtual currencies are not currencies. These are also being described as 'coins'. There is, however, no physical attribute to these coins,&quot; a government statement said.<br /><br />&quot;Therefore, virtual 'currencies' (VCs) are neither currencies nor coins. The government or RBI has not authorised any VCs as a medium of exchange. Further, the government or any other regulator in India has not given licence to any agency for working as exchange or any other kind of intermediary for any VC,&quot; it added.<br /><br />The statement said there has been a phenomenal increase in recent times in the price of VCs, including Bitcoin, in India and globally. It said VCs don't have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation, resulting in spurt and volatility. &quot;There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes, which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money,&quot; the statement said. &quot;Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes,&quot; it added.<br /><br />Elaborating on the way these currencies are traded, the government said they are stored in digital, electronic format, making them vulnerable to hacking, loss of password, malware attack, which may also result in permanent loss of money. &quot;As transactions of VCs are encrypted, they are also likely being used to carry out illegal/subversive activities, such as, terror-funding, smuggling, drug trafficking and other money-laundering acts,&quot; the statement added. &quot;Persons dealing in them must consider these facts and beware of risks involved in dealing in VCs.&quot;<br /><br />Please <a href="https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms" title="https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms">click here</a> to read more. <br /></div>                                                           
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    <br><a href="https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms" class="re" target="_blank">The Times of India, 30 December, 2017, https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms</a><div class="clear"></div>
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Home हिन्दी

Bitcoins like Ponzi schemes: Govt

Published on Dec 30, 2017   Modified on Dec 30, 2017

-The Times of India NEW DELHI: The government on Friday cautioned people against the risk of virtual currencies, saying they are not legal tender and do not have any regulatory permission or protection in India.   In one of the sternest warnings by the authorities, the government said virtual currencies are not backed by government fiat. The caution comes against the backdrop of a surge in interest in such instruments, fuelled by astronomical returns in recent days. "These are also not legal tender. Hence, virtual currencies are not currencies. These are also being described as 'coins'. There is, however, no physical attribute to these coins," a government statement said. "Therefore, virtual 'currencies' (VCs) are neither currencies nor coins. The government or RBI has not authorised any VCs as a medium of exchange. Further, the government or any other regulator in India has not given licence to any agency for working as exchange or any other kind of intermediary for any VC," it added. The statement said there has been a phenomenal increase in recent times in the price of VCs, including Bitcoin, in India and globally. It said VCs don't have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation, resulting in spurt and volatility. "There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes, which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money," the statement said. "Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes," it added. Elaborating on the way these currencies are traded, the government said they are stored in digital, electronic format, making them vulnerable to hacking, loss of password, malware attack, which may also result in permanent loss of money. "As transactions of VCs are encrypted, they are also likely being used to carry out illegal/subversive activities, such as, terror-funding, smuggling, drug trafficking and other money-laundering acts," the statement added. "Persons dealing in them must consider these facts and beware of risks involved in dealing in VCs." Please click here to read more.

The Times of India, 30 December, 2017, https://timesofindia.indiatimes.com/business/india-business/bitcoins-like-ponzi-schemes-govt/articleshow/62301143.cms

Tagged with: Reserve Bank of India Reserve Bank of India (RBI) Virtual Currencies Bitcoins

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