Due to the mishaps that took place throughout the year 2022, all major regulators and countries are now on high alert.
They want to ensure that the interests and funds of their investors are safe and secure when they are interacting with the crypto firms.
Most of the time, the investors end up going with the crypto firms that promise high gains and returns. These kinds of firms are the ones constantly hampering the image and status of the entire crypto industry.
This is the reason why governments and regulators are on a very high alert and despise the entire crypto market.
However, they know that it is impossible to convince their citizens to stop investing in cryptocurrencies and such projects.
Hence, they have come up with different kinds of strategies and the most prominent one is warning the locals about cryptocurrencies and their usage.
Most of the time, the governments/regulators do it by issuing a warning to all the banks and civilians by sending out messages. In today’s time, it is being achieved by sending text messages.
India has launched an Awareness Campaign
India is among the countries that are highly concerned about the usage of cryptocurrencies and the risks their utilities pose.
The country has the largest population in the entire world and is soon to take over China in terms of population.
The country is concerned about the safety of its civilians’ funds and has the same level of concern for businesses.
Keep this in mind, India has decided to take a step further and has come up with a different approach to address the rising concerns posed by cryptocurrencies.
India has reportedly launched an awareness campaign for cryptocurrencies. It is considered a one-of-its-kind campaign and has managed to catch the attention of many other countries.
Funds Authority to Lead the Campaign
Reports have started to come in about the country going all-out in terms of launching a campaign for cryptocurrency awareness.
It would be the education and protection authority for the funds of investors in India (IPEFA) that will lead the entire campaign.
It is not an independent authority but is under the Ministry of Corporate Affairs. It will be reporting directly to the particular ministry and will be acting as the main body behind the entire campaign.
Purpose of the Campaign
The campaign is going to have a single agenda and that is to ensure that the people in India are aware of the risks involved with adopting cryptocurrencies.
The primary agenda is to make people aware that cryptocurrencies are not legal in the country. Therefore, their usage is completely prohibited within the Indian jurisdiction.
Apart from letting people know about the risks involved with cryptocurrencies, the campaign will also make them aware of fraudulent firms and scams.
They will create awareness around what they consider to be a fact that cryptocurrencies are full of risks. They are highly unstable and can result in major losses at any time.
Cryptocurrencies are controlled by criminals and terrorists who are using them to achieve their evil goals.
The campaign also makes the civilians aware that the firms promising lucrative gains and huge returns on investments in the crypto firm are nothing but scams.
The locals must always stay away from these fraudulent firms and scams and not fall prey to their schemes.
The Indian Regulators are Serious
Launching a campaign against cryptocurrencies and the crypto firms goes to show how serious the Indian government is about the entire matter.
They want to ensure that the people of India do not end up losing their money and funds to the scam-artists and impersonators.
The Reserve Bank of India (RBI) is the most aggressive Indian regulator when it comes to cryptocurrencies. It has been stressed from time to time that cryptocurrencies must not be adopted at any cost.
The RBI has even raised the same concern on a global scale during the G20 Summit and wants to form a global regulatory framework around crypto.