Indian Police Hold Special Crypto Training to Fight Scams

Asia Blockchain Review
July 24, 2019

The Indian Ministry of Home Affairs has launched a special training program aimed at better equipping police officers with knowledge and “domain expertise” in cybercrime related to cryptocurrency, according to a report by Coindesk. 

The training course, which will reportedly last two days, is scheduled to commence in early September at the National Police Academy in Hyderabad, capital of the southern state of Telangana.

India Imposes Complete Ban on Digital Assets

India is currently among the countries that have imposed an outright ban on digital currencies. This decision from Indian regulators has led to the closing of several domestic crypto exchanges. The Reserve Bank of India (RBI) has prohibited firms from dealing in cryptocurrencies, leaving the future of the Indian crypto industry in doubt. 

As previously reported, the government’s institutions, including the Department of Economic Affairs, the Central Board of Direct Taxes, and the Investor Education and Protection Fund Authority have proposed the ‘Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019’. According to the draft law, mining, generating, holding, buying, selling or dealing in cryptocurrencies “directly or indirectly” will become a “cognisable and non-bailable” offense punishable by a 10-year jail sentence. 

Numerous Crypto Scams Reported in India 

There have been several cases of cryptocurrency scams reported in India. For example, BitConnect was arrested in June in connection to a fraudulent scheme known as Liberty Coin that promised investors a 5,000 percent rate of return. The scam led to tens of thousands of dollars in damages, according to reports. 

A series of scams involving attractive virtual currencies has led the government to take measures to ensure that law enforcement personnel are equipped to combat cybercrime. 

Source: https://www.coindesk.com 


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