Indian Government Launching Campaign for Crypto Awareness

The Indian government is reportedly launching a groundbreaking campaign that is dedicated to educating the public about Bitcoin and other cryptocurrencies. It will be administered by the Investor Protection and Education Fund Authority, a government agency that is under the Ministry of Corporate Affairs.

A government official was quoted by ET as saying: “It’s a good thing, because it will help the government to control the population.”

The campaign will emphasize that cryptocurrencies are not recognized in India and there are also significant risks involved in these assets. Any investment that involves the promise of large returns and a low risk, there is an element of risk.

The government of India has attempted to formulate a crypto policy since 2019, however, nothing has been finalized. Indian Finance Minister Nirmala Sitharaman stated that the government intends to discuss crypto regulations with the G20 members.

The Indian central bank, the Reserve Bank of India (RBI), has long advocated for a complete ban on all cryptocurrencies, including Bitcoin and Ethereum, citing their potential to destabilize the country’s monetary and fiscal stability. Recently, the RBI’s Governor stated that the next financial crisis will occur if cryptocurrencies are not banned. However, both prohibition and regulation require international cooperation to be effective.