BHUTAN TODAY The New Perspective
โฆ๐๐ ๐ฉ๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐, ๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐ ๐ท๐๐๐ ๐๐๐๐ฉ๐๐.๐๐๐, ๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐ ๐ ๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐.
Krishna Kumar Sanyasi
Cryptocurrency serves as a form of digital currency that operates independently of traditional banking systems. It enables direct transactions between individuals, eliminating the need for physical cash. Unlike traditional currency in the form of coins or bills, cryptocurrencies exist as digital records stored online. When sending cryptocurrency, transactions are recorded in a public ledger, and the digital assets are stored in digital wallets.
Also known as crypto or crypto-currency, this digital or virtual form of currency relies on cryptographic techniques for security, ensuring transactions are secure through complex codes. Notable cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), Solana (SOL), and Tron (TRX), facilitating secure transactions without the need for central regulating bodies like governments or banks.
The investment landscape in Bhutan experienced a significant shift towards cryptocurrencies following the government’s announcement of its venture into Bitcoin mining through its commercial and investment entity, Druk Holding and Investments. This development generated widespread interest among the public, leading individuals to actively explore investment opportunities in cryptocurrencies. Many people are interested in cryptocurrencies to trade and make money, causing prices to fluctuate.
In response to this growing curiosity, a private entity named PandoraBiz.com has been providing paid training sessions to educate individuals about Bitcoin and other cryptocurrencies. These training sessions have been well-received, indicating a strong desire among the Bhutanese population to understand and potentially invest in the world of digital assets.
However, a recent notification on February 28 from the Bhutan Qualifications and Professional Certification Authority (BQPCA) states that “this notice is to inform the general public regarding the cybersecurity-related training conducted by PandoraBiz.com. The Bhutan Qualification Authority and Professional Certification Authority, as the competent authority of the Royal Government of Bhutan for the registration and quality assurance of training providers, urge the general public to refrain from undertaking any training programs until it is formally authorized to do so. The BQPCA is currently verifying the proposal submitted by the firm.”
According to the Civil Service Reform Act of Bhutan 2022, the Bhutan Qualifications and Professionals Certification Authority (BQPCA) was established on January 9, 2023. It is responsible for accrediting qualifications, certifying professionals, and monitoring education quality in Bhutan. This reform aims to streamline functions, optimize resources, and improve public service delivery in Bhutan.
An official from the BQPCA stated, “The office cannot disclose information regarding the business since the business is not registered and is not permitted to conduct training. It is the departmentโs duty to safeguard the public and raise awareness about such activities. Any firm intending to offer training to the public must register and obtain approval from the department. To maintain quality standards, whether it is a private enterprise or government entity, registration with BQPCA is mandatory.”
The BQPCA is appealing to people to stay vigilant when engaging in online training programs and has urged people to verify the legitimacy of the providers and ensure that businesses offering such services are registered and authorized by the appropriate authorities.
Sandeep Rai Chamling, the owner and founder of PandoraBiz.com, eloquently shared his perspective on the government’s recent classification of his firm as unregistered. In a statement, Sandeep stated, “Officials from various departments conducted thorough inquiries and investigations, only to find no evidence that would warrant labeling my establishment as a fraudulent entity or scam.”
Sandeep stated, “I was called upon to deliver a comprehensive presentation, which I did with utmost diligence. The outcome of this presentation further reinforced the legitimacy of PandoraBiz.com, leaving the authorities with no grounds to tarnish its reputation by associating it with any fraudulent activities.”
Acknowledging the government’s duty to issue notices and alerts, Sandeep Rai Chamling appealed to the public to grasp the full context of the situation and appreciate the complete narrative.
Rinzin Dorji, a student of computer science, expressed his reservations about the hype surrounding cryptocurrencies. “I do know a little about it,” he admitted, “but I cannot trust it fully.” The atmosphere in his college, he revealed, is abuzz with discussions about crypto, yet he remains skeptical due to what he perceives as a prevalence of misinformation and scams in the field. When the topic of investing in cryptocurrency arose, Rinzin confessed to feeling a lack of confidence. “I have never seen a living person earn money from crypto,” he remarked, reflecting his cautious approach towards this volatile market. Despite the fervor surrounding digital currencies, his personal experiences have left him wary of diving headfirst into the world of crypto investments.
Leki Dorji expressed his thoughts on the training sessions he underwent with Sandeep Rai, “I am a premium member,” Dorji began, reflecting on his experience. “I did training with Sandeep sir, who offers two types of training – offline and online.” Dorji elaborated on the structure of the training sessions, stating, “Offline training or advanced courses consist of three hours, while online sessions last two hours. The price for these training sessions is quite high for the duration provided.” He highlighted the cost difference, mentioning, “For offline training, he is charging Nu. 6,000, and for online sessions, the fee is around Nu. 2777.”
Despite opting for the advanced course training, Dorji expressed disappointment, feeling that he had not received the value he expected. “I feel I wasted my money and time,” he lamented. Dorji shared his perspective on the content of the training, stating, “He just teaches how to operate the website.” Upon asking about the earnings from crypto, he said, โI have not earned a single penny till now,โ he added.
A premium member of PandoraBiz.com said, โI would like to share some valuable advice with those who are new to the world of cryptocurrency. My message to you all is simple: do not trust anyone who promises quick riches or secret tricks in exchange for a hefty sum of money. These individuals are experts at deceiving and robbing unsuspecting individuals. I urge you not to fall for the trap of paying exorbitant amounts to learn the supposed ‘secrets’ of cryptocurrency trading. There are plenty of resources available for free, such as YouTube, where you can learn valuable insights and strategies without having to empty your wallet. I speak from personal experience as a victim of such schemes, having paid a significant amount of Nu. 2777 for a 10-15 minute class that turned out to be utterly useless.โ
Furthermore, she said, โI am not alone in my experience, as others who attended the same class also voiced their disappointment and regret at wasting their money. If you doubt my words, I encourage you to speak to anyone who participated in the class, and you will likely find that the majority share my sentiments.โ
A staff member from the Bank of Bhutan (BOB) who preferred to remain anonymous but was eager to share his insights said, “I came across some videos on social media about PandoraBiz.com, and after that, I came to know about Freebitco.in.” I learned that to earn on Freebitco.in, one needs to accumulate something called ‘Satoshi,'” he explained. Despite not having earned from his endeavors yet, he expressed optimism about the potential for earnings in the future. To enhance his chances of earning, the staff member had started referring friends to the platform. “Whenever someone signs up using my referral code, I receive a certain amount of Satoshi,” he revealed. This referral strategy had not only helped them potentially increase their earnings but had also garnered interest from colleagues within the bank. “It’s fascinating to see the growing popularity of Freebitco.in among my colleagues at the bank and within the town,” he remarked. The staff member noted that an increasing number of individuals seemed to be actively engaged in mining this digital currency, indicating a broader trend towards embracing cryptocurrency as a viable financial option.
Kinga Tshering, a programmer, said, โI find PandoraBiz.com not worthy. I was told about it by my friend, but I did not find it of any worth. Moreover, celebrities are promoting it, and I am sure they do not have any knowledge regarding it. If there are any issues in the future, they should be penalized first.โ
Moreover, he added, โI am very aware that the owner of PandoraBiz.com does not have money; the things he posts on social media are all to attract people to join his training.โ He suggests fellow Bhutanese study more about cryptocurrencies if they want to make an investment and always stay alert from frauds and scams.
Bhutan is currently facing a critical situation where there is a growing interest in cryptocurrencies, but at the same time, it is being closely examined by regulatory authorities. The recent cautionary notice issued by the (BQPCA) on unaccredited training programs highlights the necessity for rigorous supervision in this swiftly developing industry.
Although projects like PandoraBiz.com aim to educate and involve the public, there are ongoing questions around transparency and validity. The anecdotes recounted by individuals, spanning from prudent doubt to disillusionment, accentuate the difficulties inherent in understanding the intricacies of digital currencies.
