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The warning within the Indian states continues to flow for the people against reports in the encrypted markets.
Recently, on January 2, a local newspaper reported that the police of the Indian state of Jammu and Kashmir had issued a public statement, warning the public not to invest in cryptocurrencies.
The police apparently warned the public against the "increased risk" of investing in cryptographic assets by citing Bitcoin (BTC) as an example and also recalled that the government does not authorize investors who are negotiating or investing in such cryptocurrencies. On a daily basis, the newspaper also cited the general inspector of the subsidiary saying: "The general public is informed not to make any kind of investment in cryptocurrencies, virtual currencies like Bitcoin because there is a real and high risk associated with their".
The inspector general also referred to the crypto market that could see a sudden collapse and said that the crypto-market could witness a "sudden and prolonged collapse, which exposes investors, especially retail consumers who risk lose their hard-earned gains ".
Pon Radhakrishnan, the Minister of State of the Ministry of Finance and the Ministry of Navigation said at the beginning of this week in a statement that the government is moving cautiously towards the regulation of cryptocurrencies. Radhakrishnan also added that due to the absence of a "globally acceptable solution", legislators were very inclined not to issue formal statutes in the short term.
Based on a circular issued by the Reserve Bank of India (RBI), there is currently a ban imposed on banks to honor any cryptocurrency transactions. This prohibition against cryptographic resources has forced many local companies to close their doors.
Speaking of plans to launch its own national cryptocurrency, the "Crypto-rupee", the RBI also announced that at the time it had deferred plans for the launch of a national cryptocurrency. In early April, the central bank also announced its plan to launch the central bank's digital currency (CBDC). But so far the bank has been able to form an interdepartmental group to investigate the likely advantages of a CBDC.
None of the results of the group has yet been revealed. Based on information from an unidentified source, The Hindu Business Line said, "The government no longer wants the digital currency, it thinks it's too early to even think about the digital currency."
