Cryptocurrency is a digital or virtual form of currency that uses cryptography for security and operates independently of a central bank. It is decentralised, meaning it is not controlled by any single entity, and transactions are recorded on a public ledger called a blockchain. In Bhutan, the craze to invest in and learn about cryptocurrencies is on the rise. People, however, despite promises of lucrative returns, are approaching cryptocurrencies with some skepticism.
Currencies like Bitcoin, Ethereum, and Ripple are some of the well-known cryptocurrencies.
Bhutanese started taking notice of investment opportunities in cryptocurrencies when the news about the government’s commercial and investment arm, the Druk Holding and Investments’ venture into Bitcoin mining went public, last year.
The DHI’s Bitcoin investment, in turn, is paying half of civil servant’s revised pay, which comes to Nu 8bn for two years.
Stories of people getting huge returns on investments in cryptocurrencies have had many individuals wanting to learn and explore investments in different digital currencies.
People have been attending paid training to learn about Bitcoin and other virtual currencies. A private entity, PandoraBiz, has been giving training to people about cryptocurrencies.
“My aim and objectives are to transform every person’s life. That is why I only charge people one time and after that give them all my premium services. That means I don’t expect people to understand everything that I teach them. Uneducated people are getting trained by me. Cryptocurrency is for everyone. I am training them so that they are not left out,” said Sandeep Rai Chamling, owner of PandoraBiz.
But is it a scam? A fake training? Or will investing in any cryptocurrency yield profits? Individuals BBS talked to had varied opinions.
“I have heard about it and saw it on Facebook. I cannot trust it and feel it is fake. I researched it and tried to comprehend but I could not understand it,” said Tenzin Youden, a resident.
“I do know a little about it. I feel maximum do not believe it is genuine and think it is fake. I feel it is true because I heard about it in school and the varying market value. I have seen a lot of links being shared. I received many links too, but I have never seen people earning from the link,” said Sonam, also a resident.
“The reason for joining the training on the PandoraBiz is that I have seen many videos being posted on their Facebook page. The videos were mainly about Bitcoin mining. And I became interested in it and gradually took the training to explore more about it,” said Tshering Chedup, a student.
While PandoraBiz is the only entity in the country to provide such training to people, a recent notification from the Bhutan Qualifications and Professionals Certification Authority has asked the general public to refrain from undertaking any training from PandoraBiz.
The notification states that the cryptocurrency-related training conducted by PandoraBiz has not been formally authorised.
The Bhutan Qualifications and Professionals Certification Authority is currently verifying a proposal submitted by PandoraBiz.
Meanwhile, the Royal Monetary Authority, Competition and Consumer Affairs Authority, and the Bhutan Computer Incident Response Team have not recorded any scam or money loss complaints regarding the cryptocurrency training, so far.
At the moment, there are no rules and regulations or a focal agency to regulate digital currency operations in the country.
Sonam Yuden
Edited by Sherub Dorji
