Millions of innocent Indian users have risked their hard-earned money in highly-volatile cryptocurrencies which are not a legal tender and the country stands on the cusp of an economic disaster in the making as self-styled crypto cartels bombard citizens with misleading ads while relevant government authorities quietly watch the whole saga from the sidelines.The deafening silence on the part of statutory authorities to the increasing number of crypto platforms luring the public into investing from as low as Rs 100 is “incomprehensible” in absence of a dedicated law on crypto assets and crypto currencies, lament leading legal experts.
A recent advertisement by the Blockchain and Crypto Assets Council, a part of the Internet and Mobile Association of India, and industry players like CoinSwitch Kuber, CoinDCX, WazirX and Zebpay, claimed that crores of Indians have invested over Rs 6 lakh crore in crypto assets.
According to Dr Pavan Duggal, a supreme court advocate and a cyber law expert, if Indians have invested over Rs 6 lakh crore in the crypto ecosystem and there is absence of legal clarity, it is very much possible that a large number of people could lose huge chunks of money.
“It is also possible that some people may make a lot of money. The chances of an innocent user being made a victim of this impending economic disaster cannot be ruled out. The quicker India as a nation wakes up from its deep slumber and starts addressing the crypto ecosystem, the better it will be,” said Duggal.
In some respite for the common investor, the Indian government is aiming to prohibit crypto ads that are growing across media platforms and were seen in plenty during the IPL 2020 and the ICC Men’s T20 World Cup cricket matches.
The government has shown its displeasure over such mushrooming advertisements that promise wild profits.