India’s Central Bank posts third bitcoin warning. No one is listening.

India’s central bank followed China’s lead Tuesday and issued a strong warning about bitcoin and the risks of investing in cryptocurrencies and initial coin offerings.

Despite the advice, bitcoin’s price hit an all-time high of $12,775 Wednesday.

The Reserve Bank of India repeated warnings it first published about bitcoin in December 2013, and then again in February 2017.

“Users, holders and traders of virtual currencies including bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such virtual currencies,” the bank warned.

It also highlighted the risks involved in taking part in ICOs or token sales, which have become a popular way for businesses to raise millions of dollars in a short space of time. Critics say they leave investors open to fraud.

In India trading in bitcoin remains legal, and its soaring value has led to a buying frenzy on Indian exchanges.

The subcontinent is just one of multiple Asian countries to warn its citizens about cryptocurrencies.

On Sunday, Pan Gongsheng, deputy governor of the People’s Bank of China, said: “One day you’ll see bitcoin’s dead body float away in front of you.” […]

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