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In an unusual incident, the Jammu and Kashmir police in a sensitization session, was found to issue a public statement, severely stating the local population against investments in cryptocurrencies. This is the first of its kind in which state law enforcement agencies have sought to spread awareness of the dark side of cryptocurrencies and its aftermath of investment.
During the session, the police tried to enlighten the local inhabitants against the high risks of investing in cryptocurrencies like Bitcoin, Ethereum and others, mainly targeting investors who believe they are entering into such lucrative business. They tried to highlight that cryptocurrencies are not officially sanctioned by any authorized bodies or the J & K government. Any such investment would be at your own risk.>
As one of the major news agencies, The Business Standard, the inspector general of the local branch was found at the head of this session, informing the public not to make any form of investment in virtual cryptocurrencies like Bitcoin as they involve a lot of undisclosed risks. The inspector general of the police also reiterated that the cryptography market is highly volatile and may suffer sudden incidents that could be prolonged in nature by exposing investors to the real-time traps that eventually lead to the loss of their savings which is been hard earned.
Currently, in the Indian subcontinent, there has been the application of the ban on cryptocurrencies and its functioning, especially in banks. This came into force the day after a circular introduced by the RBI or the Reserve Bank of India. The strict adherence to the circular led to the fall of several companies that operate locally, and this represented a serious challenge in the Supreme Court of India.
After all these obscure news from the world of cryptocurrencies, the government is approaching the cryptocurrency with great caution and regulation. This could be due to the absence of a formal body that can officially recognize the cryptocurrencies and its operations and the various platforms associated with it.
Late, there was an RBI plan to introduce a cryptocurrency nationwide called crypto rupee, but according to the latest notification, the project is suspended. Likewise, the apex bank stated earlier that it would introduce the central bank's digital currency (CBDC) in mid-2018. This body would be entrusted with the establishment of an inter-service group whose responsibility primary would have been to create operational parameters and guidelines for CBDC. Although the group's report was not published but as a major news agency, the Hindu Business Line, it was revealed that the government is not interested in the digital currency as of now and believes it is very early to enter it.
