Mr. Aniketh Jain, CEO & Co-Founder of Solutions Infini Pvt. Ltd. on Crypto currency outlawing by the GOI in budget.
“Cryptocurrency is not a legal proposition and the usage of the same is discontinued by the government. However, the usage and need of block chain technologies is not discouraged and will be looked upon case by case, which is a positive sign. cryptocurrency which is powered by Bitcoin is the digital currency that has raised quite a buzz in the investment market. According to reports, several banks posses frozen account cryptocurrencies in India while ROC (Registrar of Companies) has stopped companies to act in such exchanges. The underlying assets of cryptocurrencies have been volatile with heavy price fluctuations. The roots of the cryptocurrencies and the related transactions are not extravagantly transparent making them more questionable. Hackers are gaining most out of this scenario as the difficulty of tracing the roots of accounts and transactions are very high. There have been several instances where the accounts of the investors have been prone to hacker attacks and there’s no established mechanism to revive the accounts from the hackers. The vulnerabilities of losing the money invested in these accounts is extremely high as there are no pre conceived notions to revive the hacker’s attack, paving them ways to swag the wealth.”
