The Police of Jammu and Kashmir, India has issued an advisory warning to the public on crypto investments. The officials state that cryptocurrencies like Bitcoin have very high risks.
According to a local Media, On January 2nd the police has warned the public regarding “heightened risk” of investing in cryptocurrency. Also, the government has not legalized the cryptocurrency thus makes it risky.
The Inspector General (IG) of the crime branch said that the public needs to be informed that there is a risk involving cryptocurrency and thus not to make any type of investment in them.
IG also added that,
“Investing in cryptocurrency can result in a sudden and prolonged crash, exposing investors; especially retail consumers who stand to lose their hard-earned money,”
Regarding the frauds and scams that are taking place around the cryptocurrency industry. IG mentions that the public needs to be aware of this and not get trapped in such scams.
Also, cryptocurrency is not a legal tender in India which is said by Indian finance minister Arun Jaitley last year. Thus the public is warned that investing in cryptocurrency might risky because nor state or central government is supporting it.
The Reserve Bank of India has also put a ban on the transactions related to cryptocurrency and not given any authorization for any company to work with it. So if you face some issue there is no protection or regulation for cryptocurrencies in India.
Are you an Crypto investor in India? What are your thoughts on this let us know in the comments below.