CRYPTO AWARENESS CAMPAIGN

Description

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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.

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).

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

https://www.thehindu.com/sci-tech/technology/explained-what-is-the-crypto-awareness-campaign/article66324992.ece