Bitcoins are neither legal nor illegal in India - Chief Economist

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As per the  Chief Economist, PHD Chamber of Commerce and Industry, Dr. S.P. Sharma "the statues of bitcoin in India is neither legal nor illegal, as the government has not brought Bitcoin under the definition of currency". As stated earlier this month in an interview to the Economic Times, Sharma stated that the drastic price rise followed by  the sever volatility will be a major challenge going forward.

He further reminded that the RBI (Reserve Bank of India) has cautioned investors about the risks associated with cryptocurrencies and unless Bitcoin is comprehensively regulated and monitored, he does not see bitcoin becoming a legal currency in India. In addition to this he also showed his concern over the ever increasing risk of hacking and scalability of Bitcoin and how frauds related to an unregulated currency may not be even reported.

When asked  for a advise for investors in Bitcoin and other cryptocurrency, he reminded the investors  how volatile and speculative global market was and the investors should be prepared to lose everything they invest, as the the price of bitcoin wont keep on rising forever.