In India Jammu and Kashmir police has given warning to the public against investment in cryptocurrencies. Business Standard, local business news reported on January 2.
The police have given a statement that cryptocurrencies are very much risk of investments such as Bitcoin (BTC). And also still the government not given legality on virtual currencies.
The police Inspector of General have quoted that
“The general public is informed not to make any type of investment in cryptocurrencies, virtual currencies such as bitcoin because there is a real and heightened risk associated with them.”
In earlier, the government has imposed the ban on banks not support regarding crypto-related operations. This circular issued by India’s central bank to all the banks in the country. Still, the government is studying the regulations of cryptocurrencies.
The police inspector further says that investing in cryptocurrencies “can result in a sudden and prolonged crash, exposing investors; especially retail consumers who stand to lose their hard-earned money.”
In the last week, Pon Radhakrishnan, the Minister of State in the Ministry of Finance and Ministry of Shipping, stated that cryptocurrency is lack of “global acceptance” and we need more time to study on this matter.
A few days back, the RBI stated that we have postponed project related to developing own cryptocurrency or “national crypto-rupee.” The government has already formed a central bank digital currency (CBDC) in April 2018, is a department, and now is studying on cryptocurrency matters.
At present, there is no support from the government on cryptocurrencies. So, the public not get trapped in crypto related scams. Comment your opinion on this incident.
