Cryptocurrency in India is gaining huge popularity, although there are things yet to be explored about this new blockchain technology. The virtual currencies have been trying to make a stable environment for investors. There is a lot of hullabaloo about their misuse and fraudulent related to their transaction.
In the recent times, there has been a significant rise in the forgeries and security scams in the dealings of cryptocurrencies. It is known that the dramatic rise in the Bitcoin last year created an enormous demand in the market. However, a crypto crime wave has hit the Indian citizens on the pretext of getting profits and lucrative offers.
Unfortunately, this year is going to make a record in terms of scams, bamboozle and hoodwinks. As reported by Bitcoinist, this year alone has lost about $2 billion while dealing with cryptocurrency exchanges. The number has taken a significant rise in many countries including India, which in fact is a booming market for digital currency.
Current Status of Cryptocurrency in India
Initially, cryptocurrency in India was restricted to key-stealing malware and phishing links. However, the pattern has changed over the time and the security threats have been gradually increased with new ways of intruding. The fraudsters and hackers became more adaptive in the crypto space and have generated new ways of deceiving.
They have not got onto social media with fake accounts and apps similar to multi-level marketing ponzi scams like BitConnect. It is easy for them to target new investors who are not aware of the cryptocurrency in India.
Some of the countries have allowed the crypto space in their domains, but India yet to legalize it. Reserve Bank of India has already banned the use of virtual currency or its regulation in any manner. Regardless of the ban, India approximately makes up for 10% of the Bitcoin market and 6% of cryptocurrency in all. Against this ban, several exchanges have taken a legal step in order for its lifting up. But, it seems that the overall understanding of this infrastructure will take time for a stable atmosphere of cryptocurrency in India.
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