et wealth bitcoin prices in india have fallen 48 in september and the cryptocurrency is now trading at rs 229417 per unit the fall comes amid crticism of the unregulated currency from various quarters a major chinese bitcoin exchange btc china last week said it will stop all trading activities by the end of this month as chinese regulators have directed the countrys cryptocurrency trading platforms to close down by endseptember btc china will immediately stop accepting new account registrations said bobby lee ceo china accounts for 23 of all bitcoin trade and the move by the chinese regulators is being seen as the major reason for the 27 fall in bitcoins value in the past 10 days the reserve bank of india rbi has also been cautioning people against bitcoin trading though unlike china it hasnt asked trading platforms to close operations speaking at the india fintech day conference last week sudarshan sen executive director reserve bank of india said as regards nonfiat cryptocurrencies i think we are not comfortable nonfiat currency refers to currency that is not regulated by a central bank the rbis stance has been criticised by the indian bitcoin trading platforms they argue that the opposition to the digital currency is largely due to its novelty any history textbook will reveal how any disruptive and radical transformations were written off in the beginning only to become a part of our lives eventually the criticism of bitcoin is in line with the same inertia that resists change said hesham rehman cofounder and ceo bitxoxo trading platforms have been demanding that the government come out with a clear policy on bitcoin trading and their regulation government has set up a committee to prepare a framework and guidelines on to how regulate bitcoins exchanges are waiting for the outcome of this committees report said sandeep goenka co founder and coo zebpay bitcoin trading has also faced serious flak by investment advisers and financial services executives it wont end well someone is going to get killed said jamie dimon ceo jp morgan he also labelled the cryptocurrency a fraud and said he would fire any person in his company found trading in bitcoins its against our rules and they bitcoins are stupid he said though the rbi has cautioned against bitcoin trading the central bank is open to the idea of introducing its own digital currency right now we have a group of people who are looking at fiat cryptocurrencies something that is an alternative to the indian rupee so to speak we are looking at that closely said sen but till such time as the government comes out with a regulatory framework cryptocurrency enthusiasts would do well to heed the rbis advice any user holder investor or trader dealing with virtual currencies is doing it at their own risk