INDIA AND CRYPTOCURRENCY..

India’s central bank, The Reserve Bank of India, has a group studying whether digital currencies backed by global central banks can be used as legal tender.

Cryptocurrencies for Beginners:-
A cryptocurrency is a digital currency designed to work as a medium of exchange. With the help of cryptography, it secures and verifies transactions, and also controls the creation of new units. Cryptocurrencies are backed by blockchain – a system where information is shared and consistently updated.

Why we’re not yet ready to invest in Bitcoin..

Bitcoin today is valued by the greater fool theory or the hot potato theory. Should Bitcoin achieve a level of mass acceptability, it may gain legitimacy. But, governments are unlikely to hand away from their currency to a digital competitor.
Regulators worldwide are investing time to understand the concept, and therein provide a legal framework to regulate it. Concerns continue to abound about cryptocurrencies’ appeal to the traders of illegal goods and services and for activities such as money laundering and tax evasion.
India’s central bank, The Reserve Bank of India, has a group studying whether digital currencies backed by global central banks can be used as legal tender. However currently, the use of cryptocurrencies is a violation of foreign-exchange rules.
The risk of more regulators worldwide declaring them illegal is a strong possibility. South Korea recently took a call to ban the use of anonymous bank accounts in cryptocurrency trading, joining the likes of China and Russia.