Despite RBI's warnings and the rising concerns about the potential risks involved in investing in Bitcoin and other cryptocurrencies, investments in virtual currencies are on the rise in India.
While Bitcoins are in focus for all the wrong reasons, Dubai-based Pluto Exchange has launched India's first pin-secured mobile application to allow the users to trade in cryptocurrency using their mobile number.
Here's how!
In context: Dubai-based Pluto Exchange launches cryptocurrency app in India
29 Dec 2017
India's first app-based Bitcoin wallet launched; transact using your mobile-number!
Despite RBI's warnings and the rising concerns about the potential risks involved in investing in Bitcoin and other cryptocurrencies, investments in virtual currencies are on the rise in India.
While Bitcoins are in focus for all the wrong reasons, Dubai-based Pluto Exchange has launched India's first pin-secured mobile application to allow the users to trade in cryptocurrency using their mobile number.
Here's how!
Pluto Exchange
How is Pluto Exchange different from other exchanges?
Pluto Exchange Founder & CEO Bharat Verma said their app-based wallet is the first in India to enable Bitcoin transactions using mobile numbers.
He claimed the app is different from others as it allows mobile number-to-mobile number transactions rather than Bitcoin address-to-Bitcoin address transactions.
He added Pluto Exchange app offers a solution to the "coordination problem between payment processors, financial gateways, and banks."
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Existing procedure, long and prone to error: Verma
Bharat Verma stated: "All other apps already in the market do transactions using Bitcoin addresses, which are long and prone to error while copying. Pluto Exchange will change this scenario by enabling transactions using mobile numbers only, which are just 10 digits."
Transactions
Buy, sell, and spend Bitcoins on Pluto Exchange
Bharat Verma said that their app enables users to make transactions by using their mobile number and a four-digit PIN for security.
On Pluto Exchange mobile app, users can buy, sell, spend, and also store Bitcoins.
He added their app allows a range of financial transactions like payments, remittances, payroll deposit, trading, business-to-business (B2B) commerce, loyalty programmes, supply chain finance, asset management, etc.
RBI Warnings
RBI reiterates warnings about virtual currency trading
Even as Bitcoin's price is again skyrocketing, reaching $15,000 (approximately Rs. 9.6L), people have been cautioned three times by RBI about the risks of cryptocurrencies.
Bharat Verma also noted that RBI is concerned about cash dealings in virtual currencies, the values of which lately "turned volatile".
He added, "RBI considers Bitcoins as decentralized trading that is completely unregulated...so their status is not clear."
Finance Ministry
Don't get trapped in Ponzi schemes: FinMin warns about Bitcoins
Meanwhile, the Finance Ministry, joining the RBI, has issued a warning against investing in cryptocurrencies. It cautioned investors about the potential risks, calling virtual currencies "Ponzi schemes".
It said, "There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money."