Indian authroities warn public not to invest in cryptocurrencies
- 2 weeks ago
It is common knowledge that India has enforced a ban on banks on facilitating or advising the purchase of cryptocurrencies, nevertheless, authorities in the regions of Jammu and Kashmir have advised the public against making investments in cryptocurrencies.
"The general public is informed not to make any type of investment in cryptocurrencies, virtual currencies such as Bitcoin because there is a real and heightened risk associated with them."
Authorities stressed the “heightened risk” of making such investments and pointing that the government does not regulate the digital assets.
The Reserve Bank of India has delayed plans to develop a national crypto-token, while the Minister of State in the Ministry of Finance and Ministry of Shipping, Pon Radhakrishnan stated the government is in no rush to regulate the assets due to a lack of “globally acceptable solution.”
Source: Smart Trend Team