The popularity of cryptocurrency as led to frauds and scams. At least eight cases of cryptocurrency-related frauds are already under investigation by the Directorate of Enforcement, the Ministry of Finance said in a reply to the Parliament.The Reserve Bank of India has repeatedly warned those holding and trading in digital currencies that such activities possess economic, financial, operational, legal, customer protection and security risks.
The central bank has been against the wider adoption of cryptocurrencies in India. Cases like those under investigation highlight why the central bank and the government want to regulate and control private virtual currencies.“The government does not collect data on digital currencies.
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