Big news about cryptocurrencies.
Cryptocurrency in India: Big news about cryptocurrencies. The government is keeping an eye on a company named Cryptocurrency Hyper Fund. The agencies responsible for investigating financial fraud are keeping an eye on the company. DeFi Hyper Fund has come on the radar recently. According to sources, complaints have been received against such funds in many states. In India, RBI, Union Finance Ministry and SEBI had warned people against cryptocurrency trading. RBI is planning to launch India’s official digital currency-A Rupee (Mudra-e-Rupaya) soon.Also Read – Amazon Online Payment: Amazon may soon approve digital currency for online payment
The Finance Ministry has clarified that virtual currency is also not a legal tender. Therefore VCs are not currencies. RBI has also clarified that it has not granted any license/authorization to any entity/company for the conduct or transaction of bitcoin or any virtual currency. In June 2018, Amit Bhardwaj was arrested by the Pune Police along with his brother Vivek Bhardwaj at the Delhi airport in connection with an alleged Ponzi scheme. Bhardwaj started his own bitcoin mining operation and allegedly duped more than 8,000 people from across the country to the tune of Rs 2,000 crore. Also Read – Mohit Gang, Founder of Moneyfront, talks of profit! What is Cryptocurrency? Know everything about it
He has filed a complaint with the Special Cell of Delhi Police, alleging that he received extortion calls and was asked to pay the security amount on September 6, 2021. He did a multi-level marketing scam by luring investors to give bitcoins. The police had made the allegation in return for promising higher returns. Regulators in the UK have issued warnings against such funds and the Financial Conduct Authority (FCA) has issued warnings to both hyperfunds and fund advisors. Also Read – What is RBI’s stand on cryptocurrencies like Bitcoin? Governor said – we have told the government
On its website, which was first published on March 23, 2021 and later updated on August 31, the FCA said, “We believe this firm may be providing financial services or products in the UK without our authorization.” Is. Almost all firms and individuals that are offering, promoting or selling financial services or products in the UK must be authorized or registered by us. This firm is not authorized by us and is targeting people in the UK.”
Warning investors about such funds, it further said, “You will not have access to the Financial Ombudsman service or be protected by the Financial Services Compensation Scheme (FSCS), so you will have to get your money back if things go wrong.” Not likely.” As sources said Indian regulators and authorities have started monitoring the situation, the Decentralized Finance (DeFi) offering through blockchain technology by Hypertech Group, said to be based out of Hong Kong.
Following measures taken by financial regulators such as the US Security and Exchange Commission and the UK’s Financial Conduct Authority, Indian regulatory and enforcement authorities have started monitoring investments in hyperfunds. Globally, financial regulators recognize the fact that Ponzi scheme organizers often use the latest innovation, technology, product or industry development to lure investors and make their scheme promise high returns.