Everyone's eyes are presently on SEBI which has descended
vigorously on unlawful 'initial coin offers' seeking for public or open
ventures with a guarantee of significant yields from Bitcoins and other virtual
monetary forms ,without any regulatory regime. Be that as it may, Sebi also
isn't quick to take on the mantle of an administrative for such 'trading', as the
underlying product, which is Bitcoin or any other such cryptographic currency,
that isn't an approved product by RBI or some other agency.
In the meantime, it also cannot allow naïve financial
specialists to be taken for a ride with unlawful guarantees by these trades and
those asserting to be 'mint' digital forms of money. As of now a number of them
are suspected to be indulging in false exercises.
These days a great deal of 'coin offerings' being made in
India are nothing but fake shell games or fraudulent business models, which
together sooner or later give auxiliary purchasing and offering in bitcoins or
the other distinctively established digital currencies.
As of late the RBI had made open its dissatisfaction for
every such currencies, having said that it has not affirmed any of them, at the
same time the tax authorities have consistently been leading inquiries at
different trades and have believed to have gathered data on huge measures of
sections also including those of HNI's who could have traded there.
The regulators and the government agencies are too in a
condition of problem as forcing an assessment would add up to giving a lawful
status to such monetary forms, for which any agreement remains subtle given the
colossal dangers, including money laundering and terrorist financing , attached
with such exercises.
However, what has left the regulators flummoxed is a
gravity-defying bitcoin rally to over Rs 10 lakhs for each unit, sprinkled with
'stories' of individuals making crores from thousands.
The RBI has, then again, kept issuing notices since 2013, from
the time when the surge in bitcoins caught the attention of Indians. Yet the
dangers have multiplied many now, in the wake of a huge spurt in the valuation
of numerous such virtual currencies with a rapid development in the Initial
Coin Offerings (ICOs).
Although a few entities have started falling back on ICOs to
raise funds from investors, including HNI's and other individuals, who are
getting lured into assertions of huge returns from bitcoins and other such
variations, clearly getting fabricated in the digital world yet in addition
reaching out to this present reality.