Indiana Government Issues Warning against Virtual Currencies

0
123

Indiana Government Issues Warning against Virtual Currencies

ForexMinute.com – A day after the thousand-dollar-worth of Dogecoins are rumored to be stolen from the popular Dogecoin wallet Dogevault, the Indian government issued a formal warning to Bitcoin investors, telling them the ill-effects of investing in such virtual currencies.

The message came through an online bulletin “Are You an Informed Investor”, issued by the Indiana Secretary of State Connie Lawson who emphasized particularly on the risks involved in the use of Bitcoin, as well as other cryptocurrencies like Litecoin, Ripple, and others.

**relatedarticle**

Lawson neatly described virtual currency using an old text book language, while highlighting its attractive characteristics as well. The praise however didn’t live for so long as the man simply moved on warning investors about their use in day-to-day lives and investments. Lawson bolded few points to make its view clear towards the cryptocurrency clan, saying that they are “subject to minimal regulation, susceptible to cyber-attacks and there may be no recourse should the virtual currency disappear.”

The article also highlighted how virtual currencies are not insured by the Federal Deposit Insurance Corporation (FDIC) – a matter that can put one’s investment under substantial risks as it won’t be insured by some centralized authority in case of fraud or loss.

Is the Government Being Biased towards Virtual Currencies?
We have never heard of governments issuing special warning against the high volatility of forex markets, or the risks associated with mutual funds and US treasury bonds as well. The recent economic crash that took place in 2008 didn’t come with a backup for investors. It simply happened!

We believe that any commodity or forex market is born around risks. It is up to the smartness of investors that they face profit or loss. Picking only virtual currencies in particular is an act of prejudice as even government knows about the core idea of such coins which is to give people the power to control their money without any external influences. “We are all Bitcoins” after all!

It is time authorities must think of a way to actually improve upon such technologies rather than degrade them once for all.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter