On the Eve of Bitcoin's B'day, J&K Police Gives Warning Against Investing in it!
WTF! I was somewhat shocked to learn that Indian State Jammu & Kashmir's Inspector General of Police couldn't find a better time to give this advisory cum warning notice to the general public to not to invest in cryptocurrencies.
There goes some unspoken etiquette that one shouldn't bad-mouth a person on his/her death and instead offer a tribute to the dead. Similarly, on birthdays, you are expected to wish well at the least. But J & K's State Crime Branch decided to issue a warning against investing in Bitcoin on the eve of it's 10th birthday!
The notice was worded as follows:
Through the medium of this warning notice/advisory, the general public is cautioned against the risks of investing in virtual currencies /crypto currencies such as Bitcoin as these are not backed as legal tender by the government/central financial institutions.
The general public is therefore informed, not to make any type of investment in crypto - currencies/ virtual currencies (vcs) because there is a real and heightened risk associated with them. this can result in a sudden and prolonged crash, exposing investors; especially retail consumers who stand to loose their hard –earned money. public needs to be alert and extremely cautious to avoid getting trapped in such fraudulent schemes.
The RBI did not give any license/authorization to any entity/Company to operate in such schemes or deal with Bit-coin or any Virtual Currency and such Crypto-currencies do not have any regulatory permission or protection in India. As there is no regulatory oversight on the Crypto-currencies which uses Block-chain technology, all the transactions are encrypted and there is high ended risk as this platform is used for carrying out subversive activities, smuggling, Drug Trafficking, human trafficking, terror funding and money laundering activities.
Inspector General of Police,
State Crime Branch J&K
As you can see that there was nothing new in this notice and all these stuff were uttered a number of times by other government departments and institutions like RBI. So what instigated I.G.P. of J & K to time such an advisory on the eve of Bitcoin's birthday? Wasn't it very rude and uncivilized of him!
What if the same I.G.P. was invited as a chief guest in some grand function celebrating Bitcoin's birthday? Would he have spoken such lines while delivering his inaugural or valedictory address at such a function? Shouldn't as a public servant he be bothered of public sentiments?
He could have issued such an advisory any other day. Why now?!!!
- What do you think of it?