bitcoin

As a large number of Indian HNIs and their representatives went around Swiss ski resort town of Davos for attending the annual WEF summit last week, they also got several pitches on the margins for two new 'safe and promising havens' — cryptocurrencies and cash vaults.

Cash vaults, which are huge in size unlike the typical bank lockers in India and can contain not just cash but also gold, data, paintings and sculptures, are big business in Switzerland and are not just limited to banks, with several stand-alone entities offering these services.

Some vaults are actually buried deep under the snow with several strong layers of security, multiple executives associated with this business said.
Again, several Indians were approached not just for investing in these currencies, but to join as partners. Those pitching the two 'safe havens' included several non-resident Indians, as also those from Russia, Germany and China.

All of those making the pitch and receiving such pitches refused to be named, saying they do not want to land in regulatory problems as there are no rules as yet either for cryptocurrencies like bitcoins or cash vaults in India.

However, some top global leaders spoke openly about the risks associated with cryptocurrencies during the official sessions of the World Economic Forum
number of retail investors who had purchased cryptocurrencies such as Bitcoin have been left in a bind as banks are not allowing them to deposit money earned from their trading on exchange platforms, according to a report by BusinessLine.

According to the report, investors said that they were unable to either trade on some of the bitcoin exchanges or withdraw the money they had invested into their bank accounts.