The crypto scams of India are now again in limelight
Be it the Fonzi scams or the fake coins scams, India is again in news because of the scams of cryptocurrencies that are happening these days. There has been a confusing regulation of cryptocurrencies which actually has even lead to the nefarious use emergence for the crypto. Be it the Ponzi scheme that has been luring the investor’s in order to promote the cryptocurrencies or it is the fake coins that falsely promise better investment returns, the market of India has been seeing different scams in this span.
The bull run of bitcoin further has got many enthusiasts for the cryptocurrencies to fold these days. There are some temporary blips and even the correction of the price aside. The Bitcoin Bull Run has even endured this year. Since the price of the cryptocurrency has been hovering for more than 419000 marks, there is no doubt that it has been trending quite a lot. That surely is a gain of nearly 60% from the last few months from the time Bitcoin has been trading at the price of $11 767.
The stakeholders of the India cryptocurrency are now raving about the emergence of the bitcoin which has now become an asset class post it has fetched the returns to nearly 160% after April against the 30% of the gold. It later also proved to be a pricey investment for the young experts in India. There are, however, few countries who are also leading the exchanges of crypto like CoinDCX and WazirX that have reported a buoyant market sentiment causing a better user base.
But still, there is a confusing regulation of cryptocurrencies that has prevailed for quite some time now. It eventually has led to the emergence of crypto nefarious use. Most of them are the Ponzi schemes that have lured the investors by talking more about the new cryptocurrency for fetching high return of investment as compared to the mutual funds or even the conventional investment instruments.
Crypto Business World
CBW - External Analyst