Bitcoin and cryptocurrency traders in India are not benefiting from the industry following the ban of cryptocurrency activities by the Reserve Bank of India (RBI) in April last year, and this is making their social life hard. The peer-to-peer (P2P) system that was developed by cryptoasset exchanges has some voids in it and hackers have taken advantage of this to fraud people and most of them have become or are yet to be victims.
Crypto Kanoon, a crypto expert analyst, revealed that his legal advisor Mohammed Danish, gathered around 10 different cases related to digital asset fraud being conducted these days. Mohammed revealed that attackers doing this illicit activity, execute in this way:
However, the crypto community in India is asking why the exchanges allow false user IDs to remain active, how do they even get verified and registered in the first case? Remember, the exchanges take like 2 working days to fully accept the registered account, with the aim of protecting Indians, but this does not stop illicit hackers from doing their evil operations. In case you become a victim of this kind of fraud, and your bank account becomes closed, make sure you get the legal advice from the lawyer with the knowledge on cryptocurrencies.
In late March, the supreme court of India suspended the digital currency versus RBI case trial to next month (July), following thee orders that came from above. The government’s counsel ordered them to extend the hearing, so as it can take time to clearly diagnose the scenario and come up with a clear judgement.
Earlier this year, a body under the RBI called the “Institute for Development and Research in Banking Technology ( IDRBT)” proposed a clear roadmap and blueprint for bitcoin, digital currency and distributed ledger technology for banks and other major financial institutions in the country. The effort is anticipated to rise the adoption of blockchain and further help in the formation of a strong regulatory framework.