In India, pre-paid instruments are regulated by RBI in pursuant of its power conferred under the provisions of Payment Act.115 The directions issued by RBI stipulate that a pre-paid instrument can be used to discharge any payment obligation equivalent to the value attached to it.116 On the other hand, Bitcoin need not be traded to discharge payment obligations equivalent to its value. Since the value of a Bitcoin are determined by market speculation, it can be either less or more than the payment obligation it is traded for.117 Therefore, it cannot be said that the value stored in the instrument represents the value paid by the holders