Young people investing in crypto: The campaign continues to inform about high risk, says FM
Even at a time when the Crypto Bill is still delayed in India, there are thousands of youngsters who are investing huge amounts in the digital platform to achieve greater returns. In fact, many of these are students who put their pocket money into the system to get more in return.
Rahul, a second-year commerce student in Jaipur, invested Rs 5,000 and got Rs 1 lakh plus in return a few months later in 2022. Soon after, his cousins and friends started investing their pocket money in it and the trend continues even today.
His cousin also invested a large amount, but the currency fell soon after. It was his college fees and he had to face problems but managed while his friends collected money for him.
This story is not limited to Rahul and his cousin, but there are many other youngsters who put their parents’ hard earned money into crypto to earn quick returns.
The trend also continues in small villages of Rajasthan where people of all ages and sections put their money into it.
Since Cryptocurrency is basically used anonymously to conduct transactions globally between account holders, it raises currency issues for the governments of different countries.
In India, the Cryptocurrency Bill has been listed twice but was delayed.
The government of India was scheduled to introduce new rules for cryptocurrency during the winter session of the parliament. This was the second time, as the first time it happened was during Parliament’s 2021 budget session.
IANS raised the issue of crypto with Union Minister Nirmala Sitharaman during a press conference in Jaipur on Monday, February 20.
She said, “In India, crypto is on the agenda of the G20. This is because we believe that technology-driven creation of crypto assets and the buying and selling of assets in the crypto world must have international cooperation. The reason is that they can be anywhere but operated in India , or they may be in India but operated elsewhere.”
“On the issue of concern for young people that you raised, we have both regulators and national security deposit centers who have also done a lot of campaigning. And that campaign continues every now and then to alert people that it’s a high-risk area and they should be aware of that. As for the bill, the discussion continues and when there are any updates, we will let you know.”
The campaign will continue in the near future to make people aware of crypto, she added.
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