Indian Authorities Warn Citizens Against Crypto Investment
The police of the Indian state of Jammu and Kashmir made a public statement warning citizens about the danger of investing in cryptocurrencies, according to the local publication Business Standard.
The police's report mentions the high risk of investment associated with bitcoin and other cryptos, as well as that digital assets are still not approved by the government.
The publication cites the words of the chief inspector of the police department with the warning of residents about reckless steps when investing in digital assets since there is a high risk of losing all these funds. Besides, according to the law enforcement representative, the crypto market is unpredictable, and you may encounter negative trends at any time, this concerns retail investors, in particular, who can lose their hard-earned money.
In India, the ban imposed by the Reserve Bank of the country (RBI) on servicing crypto companies' accounts remains in force, some of them transferred their activities to countries with a more loyal attitude to the crypto sphere.
In the spring of 2018, the representatives of RBI stated that the central bank was considering the possibility of creating its own cryptocurrency. However, in the first days of 2019, local media spread the information that the Reserve Bank decided to suspend the development of the cryptocurrency.
Earlier, Pon Radhakrishnan, Minister at the Ministry of Finance and the Ministry of Shipping, stated that the government was cautious in regulating cryptocurrencies, and any official decision was unlikely to be made in the nearest future.