India’s authorities are allegedly preparing a public advisory

[manfred]

http://www.thebitcoinchannel.com/archives/29348

coindesk.com / By Nermin Hajdarbegovic / December 9, 2013 at 16:10 GMT

India’s authorities are allegedly preparing a public advisory to warn against the risks associated with emerging digital currencies.

The problem is not with the digital currencies themselves, but some worrying trends involving bitcoin and other cryptocurrencies.

Indian regulators are concerned that increasingly popular bitcoin investment schemes could become a source of volatility, eventually turning into an electronic version of investor fraud.

An unnamed senior Indian official told the Press Trust of India (PTI) that a public advisory may be issued soon to warn against the “possible risks associated with bitcoins”. The official said:

“Regulators are scrambling for ways to regulate this entire gamut of digital currency, as it is a totally new concept in India, and even the jurisdiction is not clear as yet on who should regulate them.”

[BitcoinBarrel]

WARNING: Life is risky don't do it you could get scammed.

[Chef Ramsay]

WARNING: Life is risky don't do it you could get scammed.

Indeed, optimum safety is had inside of a 5x10ft padded cell.

[TraderTimm]

Anyone else find it a bit comical that all these governments (USA, China, India) are falling over themselves in a rush to "protect consumers"? If I didn't know better, I'd think it was to stave off massive interest in something that could turn their sovereign currency systems into quaint relics.

I wonder which agenda it is....

[knight22]

Anyone else find it a bit comical that all these governments (USA, China, India) are falling over themselves in a rush to "protect consumers"? If I didn't know better, I'd think it was to stave off massive interest in something that could turn their sovereign currency systems into quaint relics.

I wonder which agenda it is....

They probably don't have any yet...

[meanig]

Governments worldwide have contempt for the people they allegedly serve. Case in point - India. Inflation is going crazy in India at the moment. Food prices are rising at such a rate that the poorest earners can no longer afford to eat to everyday. Instead of trying to protect people from the dangers of Bitcoin they really should be protecting people from the dangers of starvation 

Food and Fuel Prices Push Indian Inflation Higher

MUMBAI, India — India’s benchmark inflation rate increased to 7 percent in October, the highest in eight months, driven primarily by higher fuel and food prices, according to government data released on Thursday.

The higher inflation puts increased pressure on policy makers trying to battle sluggish growth in the economy. They are faced with the dilemma of raising interest rate increases to cool inflation, but which could further dampen growth.

The Ministry of Commerce and Industry reported that prices for fuel and power rose 10.3 percent in October while food prices were up 18.2 percent from a year ago. The wholesale price index, India’s primary measure for inflation, has been steadily increasing since June. It was 6.5 percent in September.

http://www.nytimes.com/2013/11/15/business/food-and-fuel-prices-push-indian-inflation-higher.html?_r=0

[bryant.coleman]

RBI is still in the stone age, technologically. Even if they ban the BTCs, I'll be very surprised if they could enforce it.

So...in short, we have good news from Germany and Switzerland, and bad news from India, the US and China.

[ajax3592]

What public advisory? More than 50% population here do not know how to run a pc. Then there are poor ones without internet connection in the remaining 50%. Then there are those who don't understand English just the native hindi.  Population hasn't even moved to credit cards, you are expecting BTC ?