Indian Police Warn Public against Investing in Crypto Currencies

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Indian Police Warn Public against Investing in Crypto currencies The police of the Indian state of Jammu and Kashmir have published a public statement, warn the public against capitalizing in cryptocurrency, local business news daily the Business Standard issued on Jan. 2. Police supposedly warned the public against the “heightened risk” of investments like Bitcoin (BTC) and reminded investors that digital currencies are not sanctioned by the government. The Business Standard cited the branch’s inspector general as saying: “The general public is informed not to make any type of investment in cryptocurrency, virtual currencies such as Bitcoin because there is a real and heightened risk associated with them.” The inspector general further mentioned that the crypto market could experience a “sudden and prolonged crash, exposing investors; particularly retail consumers who stand to lose their hard-earned money.”


India presently enforces a ban on banks servicing cryptocurrency-based operations accompanying a circular issued by the Reserve Bank of India (RBI). The hard line against digital assets has led to the exit of several local businesses and a challenge in the Indian Supreme Court. Earlier this week, Pon Radhakrishnan, the Minister of State in the Ministry of Finance and Ministry of Shipping, mentioned that the government is approaching cryptocurrency regulation with caution. Radhakrishnan mentioned that the lack of a “globally acceptable solution” meant lawmakers were improbable to issue formal statues in the short term. Yesterday, the RBI proclaimed that it has postponed plans to create a national cryptocurrency or “crypto-rupee.” India’s central bank originally declared it was considering a central bank digital currency (CBDC) in April 2018, going so far as to determine an interdepartmental group to investigate the potential advantages of a CBDC. The findings of the group have not been revealed, and the Hindu Business Line cites an unidentified source as declaring, “The government doesn’t want the digital currency any more. It thinks it is too early to even think about a digital currency.” Source Link:- Indian Police Warn Public against Investing in Cryptocurrencies


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