Indian Police Warn Public Against Investing in Cryptocurrencies
The authorities of this Indian state of Jammu and Kashmir have issued a public announcement, warning the general public against investing in cryptocurrencies, neighborhood company news every day the Business Standard reported Jan. 2.
Police allegedly warned the public against the”increased risk” of investments such as Bitcoin (BTC) and educated investors who cryptocurrencies aren’t sanctioned by the authorities. The Business Standard lent the division’s inspector general as stating:
“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.”
The company general further said that the crypto market could experience a”sudden and prolonged crash, exposing investorsespecially retail customers who stand to lose their hard-earned money”
The hard line against electronic assets has led to the departure of numerous regional businesses and a struggle from the Indian Supreme Court.
Earlier this week,” Pon Radhakrishnan, the Minister of State in the Ministry of Finance and Ministry of Shipping, said that the government is approaching cryptocurrency regulation with warning. Radhakrishnan said that the lack of a”globally acceptable solution” meant lawmakers were unlikely to issue formal statutes in the short term.
Yesterday, the RBI announced that it has postponed plans to develop a national cryptocurrency or”crypto-rupee.” India’s central bank initially announced it was considering a central bank electronic currency (CBDC) in April 2018, going so far as to establish an interdepartmental team to look into the potential advantages of a CBDC.
The findings of the group have never been disclosed, and the Hindu Business Line quotes an unidentified source as saying,”The government does not want the electronic currency any more. It thinks it is too early to think about a digital currency.”