Like many other countries, cryptocurrency is also fighting a survival war in India. Indian Police, according to a local new media outlet, are forbidding people to deal with cryptocurrency and anything related to digital assets.
According to the UN report, India will become the most populous country in the world by 2027. Being a country comprised of more than one billion people, crypto adoption is greatly affected if the Indian government impose any strict law for cryptocurrency.
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Investors scammed while investing in Crypto
As reported by a local new media site, the Hindu, police department is warning people not to engage with any activity linked with bitcoin or any other digital asset. The Economic Offences Wings came across many cases in which many investors lost their assets when investing in cryptocurrency including Bitcoin, Ethereum, Ripple and others.
As per the warning notice:
‘’A few cases of investors of cryptocurrencies being cheated have been reported in Tamil Nadu. Cases have been registered and accused were arrested. The public is hereby advised not to deal with cryptocurrencies including Bitcoins, Ethereum, Ripple and more. Those trading in virtual currencies were doing so at their own risk, given that the Central bank has not given a licence or authorisation to any company to deal in such cryptocurrencies.’’
The special unit of Police, in a press release, also said that cryptocurrency is not the currency per the rules and regulations of the government. It is the same like the assets such as gold or other precious metals. Moreover, it is also non-legal equity as cryptocurrency is not backed by any centralized authority.
Due to the lack of knowledge about the blockchain and digital money, common folks of India considered it a very risky and non-secure asset. However, it is true that the risk level is very high due to volatile nature. But in terms of security, the concept is wrong as digital coins work through secure public ledger-that is not possible to hack.
Bitcoin is Legal in India
The Reserve Bank of India (RBI) said officially, last month, that bitcoin and other digital coins are not banned in the country. But they clarified their past action saying that only banks and financial institutions are not allowed to offer any crypto service.