According to the Economic Times report, several top private banks in Indian, including HDFC Bank, Axis Bank, and ICICI Bank, have emailed their customers warning them about investment in cryptocurrency concerned by misleading advertisements around it. In an email to its customers, these banks warned about risks involved in cryptocurrency investments and threats of misleading advertisements.
The central government is expected to move a cryptocurrency bill in the winter session.
The latest warning from the leading private banks comes as the government is expected to move a cryptocurrency bill in the winter session to regulate the currency. There has been a volley of advertisements featuring film and sports stars, promising easy and high returns on investments in cryptocurrency. “I really worry when you see the ads because they seem to be indicating as if it’s like a deposit. One advertisement I saw said that the returns are four times that of fixed-deposit rates,” Axis Bank managing director Amitabh Chaudhry was quoted in the report. The central government is expected to introduce a crypto law to better regulate the growing industry.
Indian PM Narendra Modi says it is important for democracies to come together to regulate crypto.
As reported earlier, Indian Prime Minister Narendra Modi addressing the Sydney Dialogue via video conference last week, said democratic nations must work together to ensure cryptocurrency does not end up in the wrong hands and spoil our youth. Indian PM spoke about cryptocurrencies and India’s digital revolution during the conference. “We face new risks and new forms of conflict across diverse threats, from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order,” PM Modi said while ad