Indian Government is launching a Crypto Awareness Campaign

The Government of India is launching a Campaign to educate investors about the legality of Cryptocurrencies in the Country while highlighting the risks of investing in them.

Activation of the Indian Government in the Cryptocurrency Awareness Program

The Indian government is purportedly launching a first-of-its-sort crypto awareness campaign. It will be conducted by the Investor Insurance and Schooling Asset Authority, an administration body controlled by the Ministry of Corporate Issues.

An administration official was cited by ET as saying:

“The campaign will feature that Cryptocurrencies are not legitimate in that frame of mind there are also profound risks implied in such assets. Any investment where individuals are being guaranteed worthwhile and guaranteed returns, there is a component of high risk.”

The government of India has been working on a Crypto strategy beginning around 2019 however nothing has been concluded. Indian Finance Priest Nirmala Sitharaman said the government intends to talk about Crypto regulations with the G20 members.

The Indian central bank, the Reserve Bank of India (RBI), has long recommended a complete prohibition on all cryptocurrencies like bitcoin and ether, cautioning of their capability to undermine the country’s financial and monetary security. RBI Lead representative Shaktikanta Das as of late expressed the following financial emergency will come from cryptocurrencies in the event that they are not restricted. However, Sitharaman said both prohibiting and managing require international collaboration to be successful.

Rajagopal Menon, VP at Indian Crypto exchange Wazirx, told The Hindu:

“Cryptocurrency investing can be a complex and risky undertaking as the class is very volatile and works nonstop. Potential investors must completely instruct themselves prior to going with any choice.”

However, some are concerned that the Indian government’s crypto campaign might paint cryptocurrencies in unfortunate light, considering that the Investor Assurance and Schooling Asset Authority has conducted awareness campaigns on Ponzi plans, chit funds, and questionable crowdfunding projects.

Vipul Kharbanda, a non-occupant fellow at the Middle for Internet and Society (CIS), was cited as saying:

“In the event that the government adopts a ponderous strategy and starts making statements like virtual currency isn’t legitimate in India, that won’t be totally evident. Individuals might assume incorrectly that it is unlawful.”

Both the Indian government and the central bank have said that cryptocurrency isn’t unlawful in India.

In spite of having no administrative framework for cryptocurrency, the Indian government is burdening crypto income at 30% and has forced a 1% duty deducted at source (TDS) on crypto transactions.