Which of the following statement is are correct about Crypto currencies 1 In India crypto currencies...........

Finance (Phase -I & II) Banking and Financial system in India

Which of the following statement is/are correct about Crypto currencies ?

1.In India, crypto currencies are not officially recognized, virtual currencies stored in e-wallets are exposed to hacking and users are exposed to a lack of recourse in case of any problem ordisputes.

2.The finance ministry has set up a panel to study regulation of virtual currencies.

only 1

only 2

Both 1 and 2

Neither 1 nor 2

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Explanation:

Crypto currencies:- In India, crypto currencies are not officially recognized, virtual currencies stored in e-wallets are exposed to hacking and users are exposed to a lack of recourse in case of any problem ordisputes.
The RBI has been cautioning users about the risk of dabbling in virtual currencies that it does not recognise, since 2013.
The finance ministry has set up a panel to study regulation of virtual currencies.