Friday, August 7, 2020

Indian authorities warn against dealing in cryptocurrencies

The Takeaway:

The police department of Indian state Tamil Nadu has advised the public to stay away from dealing with bitcoin and other cryptocurrencies.

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Currently, there are no clear regulations regarding cryptocurrencies in India. The Reserve Bank of India denied providing any services to crypto exchanges and other businesses in 2018, and currently, the Supreme Court of India is hearing the case. But the central bank of India had clarified earlier that the use of cryptocurrencies is not illegal in the country.

 

Police advise people to stay away from cryptocurrencies. 

According to local news reports, the Economic Offences Wing noted that they had received several complaints from investors who had been victims of crypto scams. The police authority is now advising the public to avoid dealing with cryptocurrencies, including bitcoin, Ether, and XRP. According to the warning, those who continue to invest in cryptocurrencies would have no one but to blame themselves. 

 

Supreme Court of India could make use of crypto legal in India. 

The Supreme Court of India is yet to announces its decision on whether the RBI’s decision to suspend services to crypto exchanges was constitutional or not. The crypto community of the country is hopeful that the decision would come in their favor. As of now, the use of bitcoin and other cryptocurrencies is not illegal in India, but law enforcement has discouraged their use.  

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Charles Carter
Charles Carter
Charles is an experienced researcher with a Master of Public Administration degree from Humber College, Canada. Apart from being fascinated about blockchain and cryptocurrencies, he loves to drive around the town in his collection of cars.

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