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The police of the Indian state of Jammu and Kashmir issued a public statement, warning the public against investments in cryptocurrencies, the local economic news daily the Business Standard reported on January 2nd.
Reportedly, the police warned the public against the "greater risk" of investments such as Bitcoin (BTC) and reminded investors that cryptocurrencies are not sanctioned by the government. The Business Standard quoted the general inspector of the branch by saying:
"The general public is advised not to make any kind of investment in cryptocurrencies, virtual currencies like Bitcoin because there is a real and high risk associated with them".
The inspector general also said that the cryptography market could suffer a "sudden and prolonged accident, which exposes investors, especially retail consumers who risk losing their hard-earned earnings".
India currently imposes a ban on banks to serve cryptocurrency operations following a circular issued by the Reserve Bank of India (RBI). The hard line against digital goods has led to the exit of several local companies and to a challenge in the Indian Supreme Court.
At the beginning of this week, Pon Radhakrishnan, the Minister of State of the Ministry of Finance and the Ministry of Navigation, said that the government is approaching the regulation of cryptocurrency with caution. Radhakrishnan said that the lack of a "globally acceptable solution" means that legislators will hardly publish formal short-term statues.
Yesterday, the RBI announced that it had postponed plans for the development of a national cryptocurrency or "crypto-rupee". The Indian central bank originally announced that it would consider a digital currency of the central bank (CBDC) in April 2018, coming to the point of establishing an interdepartmental group service to investigate the potential benefits of a CBDC.
The group's findings were not disclosed and the Hindu Business Line cites an unidentified source that says, "The government no longer wants the digital currency, it thinks it's too early to think about a digital currency."
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