By now, we’ve just about heard it all from crypto skeptics. From some of the world’s wealthiest investors such as Warren Buffet to economists such as Nouriel Roubini. This time, however, the skepticism is coming from another party: the Indian police.
Police from the Northern Indian state of Jammu and Kashmir recently issued a warning to Indians against investing in cryptos. Cryptos aren’t backed by the government or the reserve bank. They thus pose a heightened risk to their investors and could lose them money. Cryptos also use an encrypted distributed ledger, making the transactions private. This makes them highly susceptible to drug trafficking and terror funding, the police explained.
Cryptos Are Highly Risky
The Inspector General of police in the state of Jammu and Kashmir decided to voice his opinion on cryptos, and he had no kind words. Speaking to The Business Standard, the second-largest English publication in India, the IG stated:
The general public is informed not to make any type of investment in cryptocurrencies, virtual currencies such as bitcoin because there is a real and heightened risk associated with them
As there is no regulatory oversight on cryptocurrencies which use blockchain technology, all transactions are encrypted and there is high risk as this platform is used for carrying out subversive activities, smuggling, drug trafficking, human trafficking, terror funding and money laundering
Govt. Panel Calls for Bitcoin Ban
The law should enlist punitive measures that the government and its investigative agencies can take in case it finds anyone or any entity trading or dealing/ holding it.
The post Don’t Invest in Bitcoin, You Could Be Aiding Money Laundering and Terrorism: Indian Police appeared first on NullTX.
Source: The Merkle
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