J&K Police issues advisory-cum-warning regarding Crypto-currency
Srinagar: The Jammu and Kashmir Police Wednesday issued an advisory-cum-warning regarding Crypto-currency, cautioning general masses against the risks of investing in it. The statement is produced here verbatim.
Through the medium of this warning notice/advisory, the general public is cautioned against the risks of investing in virtual currencies /crypto currencies such as Bitcoin as these are not backed as legal tender by the government/central financial institutions.
The general public is therefore informed, not to make any type of investment in crypto – currencies/ virtual currencies (vcs) because there is a real and heightened risk associated with them. this can result in a sudden and prolonged crash, exposing investors; especially retail consumers who stand to loose their hard –earned money. public needs to be alert and extremely cautious to avoid getting trapped in such fraudulent schemes.
The RBI did not give any license/authorization to any entity/Company to operate in such schemes or deal with Bit-coin or any Virtual Currency and such Crypto-currencies do not have any regulatory permission or protection in India. As there is no regulatory oversight on the Crypto-currencies which uses Block-chain technology, all the transactions are encrypted and there is high ended risk as this platform is used for carrying out subversive activities, smuggling, Drug Trafficking, human trafficking, terror funding and money laundering activities.