CRYPTO AWARENESS CAMPAIGN
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Context
- The Investor Education and Protection Fund (IEPF) will launch an outreach programme soon to create awareness of cryptocurrencies and online gaming.
Need for Awareness Program- Concern about Cryptocurrency
- The crypto dilemma stems from concerns about the unregulated currency having a destabilising effect on the monetary and fiscal stability of a country.
- Further, crypto exchanges in India are being investigated for their alleged involvement in unlawful practices such as drug trafficking, money laundering, violating foreign exchange legislation and evasion of GST.
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As on December 14, proceeds of crime amounting to ₹907.48 crore have been attached/seized, three persons have been arrested and four prosecution complaints have been filed before the Special Court, Prevention of Money Laundering Act (PMLA). |
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Way Ahead
- Cryptocurrency investing can be a complex and risky endeavour as the category is extremely volatile and works round the clock. It is important for potential investors to thoroughly educate themselves before making any decision.
- Apart from the outreach programme, there has to be a regulatory mechanism for the crypto sector.
Must Read:
Cryptocurrency: https://www.iasgyan.in/daily-current-affairs/cryptocurrency-8
Regulating Cryptocurrency: https://www.iasgyan.in/daily-current-affairs/regulating-cryptocurrencies
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