Government has this warning for Bitcoin and other cryptocurrency investors

Cryptocurrencies like Bitcoin and Dogecoin seem to be attracting the attention of investors in India. Many of these investors may not understand the technology, but are influenced by the jump in value of these virtual currencies. That makes them prone to Crypto fraud as cyber criminals take advantage of their lack of knowledge and understanding.
Cyber ​​dost has given tips to help investors protect themselves from such crypto scams and prevent them from falling for these scams. For those who didn’t know, Cyber ​​Dost is the security and cybersecurity consciousness of the Home Office, Indian government, on twitter. Cyber ​​Dost listed four precautionary measures in a tweet.
These are

  • Scammers can lure investors through websites and other social media platforms
  • Do not fall for attractive offers and fake endorsements
  • Scammers may try to convince investors to make payments via online wire transfer or gift card for investment
  • Be vigilant and do detailed research and read online crypto reviews before making any investment

As the post describes, one needs to do in-depth research on the digital currency they want to invest in. Keeping track of past performance and reading reviews online can be a good move. On social media platforms like WhatsApp and Facebook, you shouldn’t believe any offer that advocates a particular investment. Always invest through a legitimate platform / app. In addition, one is not allowed to make online payments instead of receiving a gift certificate for investments.
Earlier this week, the country’s central bank, the Reserve Bank of India, urged banks to withdraw their cryptocurrency warning notice. The notice reportedly cites a 2018 Reserve Bank of India (RBI) circular that was rejected by the Supreme Court in 2020.

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