BTCWires– Analysing the situation in the crypto-world wisely and having heard the reported news of the police not even considering cases of fraud that are related to cryptocurrency, its fair to denote that there’s time before crypto germinates in India. However, from the above, it can be seen how ambiguity and negligence by Indian authorities in the matters of cryptocurrencies could affect the common man’s investment.
Cryptocurrency has not found favourable grounds for itself in India right from the time when it first reached the country. In light of all the ambiguity that authorities are facing with regards to laws related to crypto in India, Reserve Bank of India had initially given strict guidelines to all the related organizations to pull back any sort of business with cryptocurrency ventures. These conditions are going to get worse if there is no help even from the police’s end, in the case of considering cryptocurrency frauds. A notable figure of the crypto industry was quoted telling DNA Money :
“They (traders) are vulnerable. What happened before the stock market was regularised is happening now. People are forming fake companies and selling bitcoins and other cryptocurrencies, which have no value. There is no way people can get their money back once the website is shut down.”
In addition to this, he said that the police doesn’t(or rather cannot) show any interest in the FIRs lodged regarding investment lost in cryptocurrencies and can hardly take any action.
“People are trying to file complaints but police are not seeing it as a crime. People, who have the source with the police, can only file an FIR (first information report). They (police) are not interested in solving these kinds of issues.”
Besides this, several investors have already lost their money in this ecosystem. One of them is Aman Sethi, who had lost $19,500 in a Bitcoin fraud by a website named Bitcoin-India.org. He said :
“At first they disabled my account and after enabling my account they stole all my balance and made it Zero. I am still fighting with them to get my balance back but I am losing hope day by day as the only customer care support they have is through e-mail and it has been 5 days today that I have not received any reply from them. The worst mistake of my life that I put all my hard earned money to trade in Bitcoin trusting that this exchange will not cheat on me but they did.”