India is currently undergoing massive pressure of giving birth to more scammers and scam schemes in the country. In 2020, there were at least 400,000 recorded scams pertaining to crypto. In the present year, it is expecting a further increase by 75%.
Indians are known for being highly intelligent when it comes to innovation and technology. They are amongst the best of the best in the field and have been bringing in advancements in technology throughout the world.
But there are grey areas in every nation and country. India too has its grey area which belongs to hosting and producing highest numbers of scammers who are considered as “global menace”.
It is said that the scammers’ kingdom is there, in India which provides a safe-haven for scammers. But what if the kingdom itself fears a threat of invasion which is not from outside but from inside i.e. “self-invasion”. Last year in 2020 it was recorded in India that there were more than 400,000 scams. However, now the Indian Government has grown concerns that present year, there will be an increase of at least 75% more crypto scams.
As of the data collected this year, there are more than 10 million crypto investors in India individually. However, since there is no proper crypto law for the time being in force in India therefore the number of institutional investors is unknown. But against 10 million crypto investors, the presence of 400,000 plus an increase of 300,000 more scammers is not only alarming but also quite dangerous.
Certainly, there is a red-flag indication that crypto scams are massively increasing in India.
As in the rest of the world, Bitcoin trending is also similarly popular amongst Indian crypto investors as well. There is no doubt that the leading crypto coin has gone extremely mainstream in the country. But in the past couple of months, there are several doubts with regard to the Indian crypto industry. The most obvious one is the possible ban on Bitcoin as well as crypto-trading entirely.
Indian Government has proposed a law in which taxes have been imposed upon individuals and organizations against crypto ownership. In addition, there is a genuine fear that the Government will impose a complete ban on crypto trading. If in case there is not complete then there are chances that crypto trading will be confined to certain limits.
However, the law has so far not been issued which is pending consideration before the Indian Parliament. In addition, Federal Ministers for Finance & Technology, have both re-affirmed that no crypto ban would be imposed. However, the law would be employed for regulating Bitcoin and other crypto-assets alike, stated both the Ministers.
But whatever the fate of crypto trading in India is decided by the Government, still the opportunist are there hiding in the shadows.