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The general public is advised not to make any investments in cryptocurrencies, virtual currencies (VC) as bitcoins because there is a real and high risk associated with them. The recent police advisory, according to the Business Standard, has also stated that all cryptographic transactions are coded and, as such, there is a huge risk in their use as they are used to eliminate dissidents, run, drug trafficking , trafficking in human beings, terror financing and AML.
The Secretary for Economic Affairs of India has recommended that the country's Ministry of Finance impose a ban on private cryptocurrencies, as reported by the Indian government's press center in October.
The Council for Stability and Financial Development (FSDC), supervised by the Indian money minister Arun Jaitley, gave a lecture on the current economic and monetary state in India, along with senior financial and government administrators.
The complete excerpt of the press release reads:
"The Board also deliberated on the issues and challenges of Crypto Assets / Currency and was informed of the deliberations of the High-Level Committee chaired by the Secretary (Economic Affairs) to devise an appropriate legal framework to prohibit the use of private cryptocurrencies in India and encourage the use of Distributed Ledger technology, as announced in the 2018-19 Financial Statements. "
The change in politics has prompted the moves of members of the Indian cryptocurrency system to launch a series of legal challenges. But, as reported by CoinDesk, twenty-two, the Indian Supreme Court ruled out all courts from accepted petitions, when five similar petitions were filed against the count. At that time, the Supreme Court said it could make a decision early.
According to Quartz, the hearing was prevalent in the Gregorian calendar of the third month instead of the Gregorian calendar of the twentieth month when the network and the Mobile Association of India (IAMAI) which counts the exchanges of bitcoins as its members requested an early hearing.
The feedback argued during the hearing that cryptocurrencies, along with bitcoin, can not be considered as currency in India because the law of the country needs coins "that are made of metal or exist in nature and sealed by the government" .
