The government will launch an awareness campaign on crypto and online games
The development comes as many small and small investors in the country continue to invest in cryptocurrencies, despite recent market turmoil and government measures to discourage the asset class.
It has also been observed that gambling platforms offer products that can be construed as gambling and these are even advertised as ways for people to earn extra cash, said the responsible. “The campaign will highlight that cryptocurrencies are not legal in India and that these assets also carry significant risks. Any investment where people are promised lucrative and assured returns has an element of high risk,” the official added.
This is the first time IPEF has run a campaign on digital assets. Normally, it undertakes public procurement investment awareness initiatives. But now IPEF is changing its strategy by targeting different asset classes and covering all sorts of Ponzi schemes.
“While cryptocurrencies may pose a greater risk in urban circles, the rural population is vulnerable to a different set of Ponzi schemes like crowdfunding schemes or chit fund frauds,” the official said. . “Rather than one size fits all, IPEF will take a targeted approach to publicize various Ponzi or high-risk investment schemes.” Globally, cryptocurrency prices have fallen significantly from their highs lately. Bitcoin – the most popular cryptocurrency – has fallen 64% in 2022. Some of the lesser-known currencies have crashed even more. However, some crypto exchanges have learned to present these drops as a good opportunity to buy more crypto assets.
One of the main differences between regulated investment assets such as stocks or government bonds versus unregulated assets such as cryptocurrency is the safety net offered by regulators. Regulators, including the Securities and Exchange Board of India, Reserve Bank of India, and Ministry of Corporate Affairs, exercise some regulatory oversight over asset classes like stocks or bonds.
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