There are many news items from India about cryptocurrencys. For example, people were robbed of money via ponzi-like scenes, if the country wants to ban all cryptocurrency, or not, because the central bank is also working on its own cryptocurrency. And they also have an opinion about Libra.
No clarity yet
Anyway, no laws have been written yet, so the Indian police have no tools for dealing with cryptocurrency. The expectation was that at the most recent annual meeting on the police budget there would be room and money for cryptocurrency. Unfortunately, this budget also offers no clarity. This indicates that it may take a while before an official and clear answer from the government is given on how to deal with cryptos such as bitcoin.
Then arrange it yourself
But whether cryptocurrencys are illegal or not, the Indian police want to get a better understanding of cryptos. The National Police Academy in Hyderabad has announced that it will hold a two-day course on cryptocurrency on September 5 and 6, 2019.
The two-day course focuses on four important aspects:
- the introduction to the functioning of cryptocurrencies and blockchain technologies
- legal aspects of cryptocurrencies
- crimes committed with the help of cryptocurrencies
- investigation of cases with cryptocurrencies
Increase in crypto scams
The Rajasthan anti-terrorism team has reportedly wound up a 21 million dollar Indian crypto ponzi. DG (ATS) Dr. Bhupendra Singh said about this:
“The investors were assured of rising profits at an exponential pace. Their unsuspecting victims invested in Monivo.com but did not receive their returns. The gang then told their investors to put money on another website, called bet2bet. “
Regal Coin was another scam that promised its users to give exponential returns of 5000 percent, which turned out to be a major scam. The person behind this scam, Darji, said he was the Indian leader of BitConnect after he was arrested.
Criticism of Libra from India
“The design of the Facebook currency has not been fully explained. But whatever it is, it would be a private cryptocurrency and that is not something we feel comfortable with, “said Subhash Chandra Garg, Secretary of the Ministry of Economic Affairs.