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The Indian government has launched a crypto awareness campaign to educate investors on the legality of cryptocurrencies in the country while highlighting the risks of investing in crypto assets.
Indian government’s cryptocurrency awareness campaign
The Indian government is reportedly launching the first-of-its-kind crypto-awareness campaign. This is carried out by the Department of Investor Protection and Education Funds, a government agency controlled by the Ministry of Enterprises.
A senior government official reportedly told ET:
The campaign highlights that cryptocurrencies are not legal in India and that such assets carry serious risks. Any investment in which people are promised a favorable and reliable return has an element of high risk.
The Indian government has been working on a crypto policy since 2019, but nothing has been finalized.Indian Finance Minister Nirmala Sitharaman said the government plans to discuss cryptocurrency regulation with G20 members. rice field.
India’s central bank, the Reserve Bank of India (RBI), has long recommended a complete ban on all cryptocurrencies such as Bitcoin and Ethereum, destabilizing the country’s monetary and financial stability. I warn you that it is possible. RBI Governor Shaktikanta Das recently said that the next financial crisis would come from cryptocurrencies if they were not banned. However, Sitharaman said that both the ban and regulation would require international cooperation to be effective.
Rajagopal Menon, vice president of Indian cryptocurrency exchange Wazirx, told The Hindu:
Investing in cryptocurrencies can be a complex and risky endeavor as it is highly volatile and works around the clock. It is important that potential investors educate themselves thoroughly before making any decisions.
However, given that the Investor Protection and Education Funds Authority has conducted awareness campaigns on Ponzi schemes, chit funds, and dubious crowdfunding projects, the Indian government’s crypto campaign could paint cryptocurrencies in a poor light. Some people are concerned that there is
Vipul Kharbanda, Adjunct Fellow of the Center for Internet and Society (CIS), said:
If the government takes a heavy-handed approach and starts saying things like cryptocurrency is not legal in India, that is not entirely true. People may mistakenly assume that it is illegal.
Both the Indian government and central bank have stated that cryptocurrencies are not illegal in India.
Despite the lack of a regulatory framework for cryptocurrencies, the Indian government imposes a 30% tax on crypto income and a 1% withholding tax (TDS) on crypto transactions.
Do you think the Indian government’s crypto awareness campaign will help or hurt the crypto industry? Let us know in the comments section below.
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