Crypto Awareness Campaign

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The Investor Education and Protection Fund (IEPF) will launch an outreach programme to create awareness of Cryptocurrencies and Online Gaming.

What is the Outreach Programme?

  • The need for the outreach programme is based on the observation that both crypto-assets and online gaming (that extends to gambling and betting) are still being promoted in a risky manner despite the recent turmoil in the sector.
  • The programme will help potential investors to thoroughly educate themselves before making any decision since cryptocurrency investing is a complex and risky endeavour.

What is the IEPF?

  • Set  up in 2016 under the provisions of Section 125 of the Companies Act, 2013.
  • Makes  refunds of shares, unclaimed dividends, matured deposits and debentures
  • Focus areas include primary and secondary capital markets.
  • Making  investors aware of dubious Ponzi and chit fund schemes and existing grievance redressal mechanisms

Why is there a Concern about Cryptocurrency?

  • Unregulated currency having a destabilising effect.
  • Alleged involvement in unlawful practices such as drug trafficking, money laundering, violating foreign exchange legislation and evasion of GST (Goods and Services Tax).
  • The Reserve Bank of India (RBI) has recommended framing legislation on the sector. It is of the view that cryptocurrencies should be prohibited
  • Apart from the outreach programme, there has to be a regulatory mechanism for the crypto sector.
  • If the government takes a heavy-handed approach and starts saying things like virtual currency is not legal in India, that will not be entirely true. People may presume incorrectly that it is illegal, and One may be indulging in unlawful transactions like money laundering using crypto assets.
  • But unlawful transactions can also be executed using legal banking channels as well.

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