Crypto Cartels Rise Without Regulation In India, Millions At Risk
âThe crypto craze is reaching Tier II and III cities and the non-regulation of this Rs 6 lakh crore size market raises questions about the sovereign authority of the Indian government. Non-levying of the GST in various layers of its transaction and non-imposition of the income tax with penalty results in a huge loss for the revenues of the state and the central government, âGupta further underlined.
Crypto platforms, in particular WazirX, CoinSwitch Kuber, and CoinDCX, have launched ads across all platforms, promising big returns on crypto investments, with a thin line titled “Cryptocurrency is an unregulated digital currency. , not a legal tender and subject to market risks “, placed at the end of the announcements.
A large number of Indians have fallen victim to such advertising campaigns in the past, which have asked them to invest in digital coins.
Currently, the RBI is the nodal agency responsible for all matters relating to crypto assets in India, thanks to a recent Supreme Court ruling.
âHowever, we still haven’t seen effective measures taken by statutory authorities to protect consumers from the vagaries of cryptoassets and cryptocurrencies and their high volatility,â Duggal said.
According to a recent report from Nasscom, the apex body of the IT industry, more than 15 million retail investors in India are investing in the crypto space.
A cryptocurrency bill is expected during the winter session of Parliament and, according to experts, strong mechanisms must be in place to prevent innocent citizens from falling victim to an impending economic disaster, who do not fully understand the legal and political ramifications of it.
“Faced with a catch-22 situation, India needs stricter laws, not only for Blockchain-based commerce but also for computer and data security, in order to tame crypto cartels,” Gupta pointed out. .