Cryptocurrency adoption continues to be a divisive issue in different countries across the globe. While some countries are open to cryptocurrency without restrictions, others want tight regulations while some want a total ban on cryptocurrencies.
In India, cryptocurrency transactions remain illegal as the RBI moved to close the bank accounts of exchanges last year. This has been largely due to the use of crypto by criminals and the concern that it could be a tool for tax evasion and money laundering.
Although there have been different signals from different government agencies, it is a known fact that the country’s cryptocurrency enthusiasts are facing tough times due to general restrictive policies.
Training for Senior Police Officers
In response to these, Senior police officers in India will receive training on cryptocurrencies and blockchain. the essence is to help them deal with criminal activities related to digital assets.
Sardar Vallabhbhai, Patel National Police Academy is set to offer a two-day course on “Investigation of Cases Involving Cryptocurrencies”.
The academy is considered a major police institution in the country and several top officers are expected to be in attendance in the training.
Candidates will receive an introductory course on the operation of cryptocurrencies and blockchain technology. They’ll also be briefed on the legal aspects of digital assets and the types of crimes associated with them. Finally, there is an aspect of the training that deals with how to investigate such criminal activities.
Regulatory Uncertainties Over Crypto
Indian regulators and government officials are indecisive in their approach to a legal framework for cryptocurrencies.
Many government departments are in favor of a complete ban, but the national administration has so far declined to impose such measures.
Last October, the Financial Stability and Development Council of India discussed the best way to deal with digital assets. This was after the agency was tasked with drafting appropriate “legal framework to prohibit the use of private cryptocurrencies in India”.
High Profile Cryptocurrency Scams
Efforts to impose appropriate rules have not deterred criminal activity involving cryptocurrency assets. Last month, the Times of India reported a cryptocurrency scam which involved fake investments that swindled victims nearly a million dollars.
In January, crooks stole $2 million through a Ponzi scheme, which used several websites to deceive victims by promising high returns on their investments.