With no regulatory clarity surrounding cryptocurrencies, rumors have been circulating that the Indian government might end up banning crypto.
A lot of people expected any sort of mention of cryptocurrencies in the recent annual budget meeting but were left disappointed. This goes on to prove that it will be a long time before Indians receive any sort of clear answer from the government on this topic.
Whether crypto is legal or illegal, the Indian Police seem to want to understand the industry a little more. India’s S.V.P. National Police Academy in Hyderabad announced that it will be conducting a 2-day course on cryptocurrencies on September 5 and 6, 2019.
The 2-day course will focus on four important aspects: the introduction to the functioning of cryptocurrencies and blockchain technologies, legal aspects of cryptocurrencies, crimes committed using cryptocurrencies, and investigation of cases involving cryptocurrencies. This will help the Indian authorities clamp down cryptocurrency scams that are being unearthed.
Increase in crypto scams
The Rajasthan Anti-Terrorist Squad [ATS] reportedly unearthed Rs 15 crore [$21 million] Ponzi scheme revolving around cryptocurrencies. DG (ATS) Dr. Bhupendra Singh, as reported by ToI said:
“The investors were assured of soaring profits at an exponential rate. Their unsuspecting victims invested in Monivo.com but did not get their returns. The gang then told their investors to put money in another website bet2bet”
Regal Coin was another such scam which promised its users exponential returns [5000%], however, it ended up being nothing but a scam. The person behind this scam, Darji, said that he was the India head of BitConnect after getting arrested.
Even though regulatory clarification is on standby mode, the Indian police department is trying to
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