J&K crime branch warns about cryptocurrencies

J&K crime branch warns about cryptocurrencies
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Srinagar: J&K Police’s Crime Branch on Wednesday issued an advisory asking people to be catious against the risks of investing in virtual currencies/crypto currencies such as Bitcoin.

Inspector General of Police Crime Branch said that these currencies are not backed as legal tender by the government and central government’s financial institutions.

“The general public is therefore informed not to make any type of investment in crypto – currencies/ virtual currencies (vcs) because there is a real and heightened risk associated with them,” said IGP in a handout.

He askes people to be alert and extremely cautious to avoid getting trapped in such fraudulent schemes.

The RBI did not give any license/authorization to any entity/Company to operate in such schemes or deal with Bit-coin or any Virtual Currency, the top police officer said.

“Crypto-currencies do not have any regulatory permission or protection in India. As there is no regulatory oversight on the Crypto-currencies which uses Block-chain technology, all the transactions are encrypted and there is high ended risk as this platform is used for carrying out subversive activities, smuggling, Drug Trafficking, human trafficking, terror funding and money laundering activities.

Sd/-
Inspector General of Police,
State Crime Branch J&K