Government of India Soon to Launch Awareness Campaign on Crypto & Online Gaming
With the upcoming new modes of digital currencies & booming market of blockchain gaming in India, the government will soon launch a campaign to raise awareness about cryptocurrency and online gaming. Read further for details.
Indian government is exceptionally taking interest in the evolving digital space. Whether it involves esports, NFT gaming, or even cryptocurrency. It's quite evident that the government is not ignorant of the trending digital money.
A government official announced that the Investor Education and Protection Fund (IEPF), under the Ministry of Corporate Affairs, will soon launch an awareness campaign emphasizing the legality of cryptocurrencies and trading platforms for online gambling.
Cryptocurrency Awareness Campaigns Objective
The campaign aims to educate consumers about the risks associated with financial investments in such assets and platforms. Despite recent market volatility and the previous statement from Govt. officials that deterred the asset class, many micro and retail investors in the nation are still investing in cryptocurrencies. Even the coming-of-age vloggers have been very active over the past few years on NFT investments.
Breathing the flow of booming esports surge, recently the government recognized it as an official ‘sport’. Yet the frauds & thefts related to the digital world don’t seem to slow down.
Many have observed that gambling platforms are selling items marked as Gambling and are even promoted as ways for people to make extra money. But later they seem to slide out of the system due to loose ends in the judiciary related to online frauds.
An official from The Economic Times quoted-
“The campaign will highlight that cryptocurrencies are not legal in India and that these assets also harbor significant risks. Any investment that promises people lucrative and safe returns has an element of high risk,”
This new campaign will be the first of its kind by IEPF focused on digital assets. With this campaign, the IEPF is now adjusting its focus on other asset classes and tackling different Ponzi schemes.
The official marking out the current risks associated with this new digital money stated-
"While Cryptocurrencies span may pose a higher risk in urban circles, rural residents are vulnerable to a different set of Ponzi schemes, such as B. Crowdfunding programs or chit-fund scams. Rather than a one-size-fits-all approach, the IEPF will take a targeted approach to publicize various high-risk or Ponzi schemes,”
The cryptocurrency space has plummeted significantly in recent months, with the biggest crash occurring in April. Though, many cryptos even dropped down to half of their value. However, some cryptocurrency exchanges have figured out how to present these dips as a great opportunity to buy more crypto assets.
The main focus has been on the assets involving regulated assets such as stocks or government bonds and non-regulated assets such as cryptocurrencies. Bodies such as the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the Department of Corporate Affairs made some regulatory control over asset classes such as equities or bonds. Yet it’s great news for all those crypto enthusiasts who’ve been trying to learn the legalities of Crypto games in India along with the further growth of this sector in Indian markets.
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