Can digital gold Bitcoin ever be mined in India?, IT News, ET CIO

Bitcoin has gained tremendous popularity since its launch in 2009, sending ripples across major economies of the world. The cryptocurrency witnessed massive interest among investors, so much so that the price shot up to a whopping $20,000 apiece in 2017, thereafter plummeting and rallying around $10,000 in 2019. The prices saw extreme rallies owing to a strong combination of global investor interest and pure speculation. The block-chain powered currency has sparked several controversies with respect to the lack of global regulation, legality, and potency of misuse.

However, the Reserve Bank of India (RBI) was quick enough to pick the red flags before the Bitcoin“bubble burst”. The biggest problem with Bitcoin, also popularly known as “digital gold” is that it has no collateral-backing, which essentially means that the intrinsic value is zero and the prices are purely based on speculation. Moreover, there are no guidelines or regulations governing the trading and use of the…