In line with a recent news ‘published‘ by a native source ‘Business Standard’, the Indian police of the state of J&K [Jammu and Kashmir] region have issued a public statement, warning the general public against investing in cryptocurrencies.
Police reportedly warned the general public against the “heightened risk” of investing in cryptocurrencies like Bitcoin [BTC] and reminded investors that cryptocurrencies aren’t sanctioned by the govt.. The Business Standard quoted the branch’s officer stating:
“The general public is advised not to make any sort of investing’s in cryptocurrencies, virtual currencies like Bitcoin [BTC] as there’s an actual and heigh risk involved with them.”
The officer additionally declared that the crypto market may expertise a “sudden and prolonged crash, exposing investors; particularly retail customers who stand to lose their hard-earned cash.”
India presently enforces a ‘ban‘ on banks servicing cryptocurrency-related operations following a circular issued by the Central Bank Of India [RBI]. The position against digital assets has led to the exit of many native businesses and a challenge within the Indian Supreme Court.
Even earlier this week, Pon Radhakrishnan, the Minister of State within the Ministry of Finance and Ministry of Shipping, ‘aforementioned‘ that the govt. is approaching cryptocurrency regulation with caution. Radhakrishnan aforementioned that the lack of a “globally acceptable solution” meant lawmakers were unlikely to issue formal statues within the short run.
Yesterday, RBI [Reserve Bank Of India] declared that it has delayed its plans to develop a national cryptocurrency or “crypto-rupee.” India’s financial head originally declared it absolutely was considering a CBDC [Central Bank digital currency] earlier in April 2018, going so far as to establish an interdepartmental cluster to research the potential benefits of a CBDC.
The findings of the cluster haven’t been disclosed, and the Hindu Business Line quotes an anonymous source stating that, “The government doesn’t need the digital currency any further. It thinks it’s too early to even think of a digital currency.”