People’s Bank of China, Shanghai. “One day you’ll see bitcoin’s dead body float away in front of you.”
Over the weekend, it was China’s central bank. Then, on Tuesday (Dec. 05), the Reserve Bank of India (RBI) warned investors against betting on bitcoin and other cryptocurrencies.
“So there’s only one thing we can do—watch it from the bank of a river,” Pan Gongsheng, deputy governor of the People’s Bank of China, said at an event in Shanghai. “One day you’ll see bitcoin’s dead body float away in front of you.”
READ: Bitcoin surges past $12,000 for first time: 5 things to know about the cryptocurrency
The Indian central bank, however, was more straightforward, “…cautioning users, holders and traders of virtual currencies (VCs), including Bitcoins regarding the potential economic, financial, operational, legal, customer protection, and security-related risks associated in dealing with such VCs.” The RBI’sDec. 05 release reiterated the concerns it had raised twice before in December 2013 and February 2017.
These warnings come in the wake of bitcoins’ skyrocketing value—up more thana 1,000% this year. In India, their price has almost doubled in a month, fromRs4.55 lakh ($7,070) on Nov. 01 to Rs8.6 lakh on Dec.05. The spike has led to frenzied buying.
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