After financial institutions shocked the crypto traders in India with their shocking move of banning bitcoins, the shocking season continues just when you thought that digital currency in India is the safest bet to keep your money safe. If you have by chance boasted of having the safest digital wallet where you are keeping your bitcoins, stop doing that right away! The finest criminals are now tech-savvy too and along with you, they have taken a keen interest in the much famed Bitcoin.
Few mafias dressed as officers nabbed a businessman in Gujarat and robbed him off 200 bitcoins, which were valued at 9 crore rupees in the month of February. Although the criminals were arrested shortly after conducting a heinous crime, it gives rise to the question of our safety in this industry. Crimes related to digital currency have been on the rise ever since bitcoins gained popularity.
Amidst this, the central bank RBI is preparing to shut doors to trades related to crypto trading and in turn developing its own digital currency. As official authorities, they fear of more fraudulent transactions taken up by fake companies, which could rob the innocent traders off their money. As a corrective measure, they intend to ban the entire system in the country to save their investment and also avoid any illegal transaction.
The transactions related to bitcoin take place in a deregulated environment, which can essentially give rise to a lot of illegal activities that will be detrimental to the Indian economy as a whole. And, tech-savvy criminals will find out more ways to nab the innocent traders off their money.
How the launch of RBI’s personal digital coin help the current scenario and save the customers from losing out their money is still a good question to ponder upon. After logistics and strategies are planned by the RBI officials that is when the citizens of India will come to know about the real intention behind the coin launch and how it will essentially help the Indian fraternity.