- Digital assets like Bitcoin have “heightened risk.”
- Public needs to remain vigilant and “be alert to avoid getting trapped in such fraudulent schemes.”
The Indian public has been advised to stay clear of cryptocurrency investment. The warning is said to have come from the Indian state of Jammu and Kashmir. The warning states that digital assets like Bitcoin have “heightened risk” owing to the fact that the government is not 'interested' in the sector.
The advisory came from the inspector general of police’s crime department according to Business Standard, a local news outlet. It explained that the assets have a tendency to be stuck in a prolonged crash leading to severe losses.
“The general public is informed not to make any type of investment in cryptocurrencies, virtual currencies (vcs) such as bitcoin because there is a real and heightened risk associated with them.”
In continuation, the advisory told the public to remain vigilant and “be alert to avoid getting trapped in such fraudulent schemes.” In addition, the country’s central bank, the Reserve Bank of India (RBI) has not laid back on its directive that stopped banks from offering crypto businesses support. And therefore, the crypto entities “do not have any regulatory permission or protection in India.”
This week, the RBI was also reported to have stopped the plans to have a central bank issued cryptocurrency. The token was mentioned in April 2017 and would have been referred to as the central bank digital currency (CBDC).
Read further:
Cryptocurrency market update: Expect cryptos to bottom out in 2019 before a bull-run kicks off- says VC
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