First campaign on crypto awareness launched by Government of Indian
First of its kind campaign on crypto awareness has been launched by?the government of India to educate investors on the legality of cryptocurrencies in India and emphasize the risks of investing in crypto assets.
The government intends to begin an awareness campaign for concerns about crypto assets and online gambling. The data also underlined the importance of educating individuals about the hazards involved with crypto assets and the volatility nature of the market. The Investor Protection and Education Fund (IPEF), which is part of the Ministry of Corporate Affairs, will conduct an outreach effort on this occasion.
Furthermore, the legality of cryptocurrencies and the risks associated with such assets in India will be examined. The official said that any investment in which consumers are promised rich and guaranteed returns carries a high level of risk.
The Investor Protection and Education Fund Authority, a government organization managed by the Ministry of Corporate Affairs, will oversee it. India's Finance Minister revealed the government’s intention to address crypto legislation with G20 countries.
The government official stated that both prohibition and regulation require international cooperation to be effective. The next financial catastrophe, according to RBI Governor will be caused by cryptocurrencies if they are not prohibited. Despite market uncertainties, policymakers will focus on discouraging further crypto investments by many micro and small investors in the country.
The Indian government and the central bank have both stated that bitcoin is not illegal in the country. There is a lack of a proper regulatory framework for cryptocurrencies. the Indian government taxes cryptocurrency income at 30% and imposes a 1% tax deducted at source (TDS) on bitcoin transactions.
Since 2019, the Indian government has been working on a crypto policy and some have been approved. The Reserve Bank of India (RBI) has long advocated for a total ban on all cryptocurrencies such as bitcoin and ether, citing their potential to undermine the country's monetary and fiscal stability.
Some showed concern regarding the result of this Indian government's crypto campaign which may present cryptocurrencies in a negative light, considering that the Investor Protection and Education Fund Authority has sponsored awareness campaigns on Ponzi scams, chit funds, and questionable crowdfunding initiatives.
CBW - External Analyst