Update

The Indian government has taken a major move in the field of cryptocurrency

Currently, the government is keeping a watchful eye on Cryptocurrency hyper funds. The company is being watched by the agencies in charge of detecting financial wrongdoing. Many states have received reports concerning cryptocurrency, as per sources.

The Reserve Bank of India, the Union Finance Ministry, and the Securities and Exchange Board of India have all issued warnings against cryptocurrency trading in India. The Reserve Bank of India even intends to establish India’s official digital currency, the Rupee (Mudra-e-Rupaya), in the near future.”We do not consider cryptocurrency as the legal currency”, Finance Ministry stated.

The RBI has further said that “no license or validation has been given to any organization or firm to utilize bitcoin or any other virtual currency”.

The Pune Cops also detained Amit Bhardwaj and his sibling Vivek Bhardwaj at the Delhi airport in June 2018 regarding an accused Ponzi scheme. Bhardwaj created his own bitcoin mining business and is accused of defrauding over 8,000 people around the country out of Rs 2,000 crore.”

We suspect this company may be giving financial goods and services in the UK without our permission,” the FCA had said on its official site. Following the concern, a Hypertech Group’s Decentralized Finance (DeFi) product has also put a proposal to offer blockchain technology in order to assist the government entity in conducting this operation.

Indian regulatory authorities have begun scrutinizing transactions in hyperfunds, following the footsteps of financial regulators including the US Securities and Exchange Commission and the UK’s Financial Conduct Authority.

Ponzi scheme organizers frequently leverage the latest invention, technology, product, or industry advancement to entice investors and ensure their scheme guarantees good returns, according to financial regulators throughout the world.

Riya

Riya is a technology enthusiast and an avid researcher. She writes about consumer tech, hacking, and technology consumer issues at TheDigitalHacker.
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