- India’s government will soon launch a crypto awareness campaign to educate investors.
- The government intends to educate the public about the investment risks associated with crypto.
The Indian government is initiating a crypto awareness campaign to educate investors on the legality of cryptocurrencies. In India, while highlighting the risks of investing in crypto assets. And the effort is said it is a first-of-its-kind crypto awareness campaign. It will be operated by the Investors Protection and Education Fund Authority (IPEF), a government body overseen by the Ministry of Corporate Affairs, and it is expected to cover the legal status of cryptocurrencies, the dangers of online gambling/betting, and the risks of investing money in this platform.
According to a government official, the ad would emphasize that cryptocurrencies are not legal in India and that there are significant risks associated with such assets. Any investment in which people are promised lucrative and guaranteed returns have substantial risk.
And the government has been trying to impose crypto regulations since 2019, but they have yet to be finalized, and the finance minister of India has just announced that the government intends to address this with G20 members.
Why Is Crypto Awareness Necessary?
In India, cryptocurrencies are unregulated, and digital currencies have destabilizing impacts on the country’s monetary and fiscal policies. Furthermore, a lack of appropriate awareness of the issue may result in significant risks.
Many unlawful operations have recently taken place in India using cryptocurrency. So, to prevent this, the campaign must educate the public and provide a clear picture of cryptocurrency.
Vipul Kharbanda, a nonresident fellow at the Centre Internet and Society (CIS), stated that
“If the government takes a heavy-handed approach, claims such as virtual currency are not legal in India may not be completely truthful, and individuals may mistakenly believe it is.”
In addition, both the government and the central bank of India have stated that cryptocurrency is not illegal in India.
