INTRODUCTION: -In India the cryptocurrency has revolutionized the whole economic scenario. It has offered various new opportunities for investment and transactions. However, it has raise and introduced new avenues for cyber fraud. This blog explores the intersection of cryptocurrency and cyber fraud, providing proper purview of understanding which has influenced navigation of this complex issue.
BACKGROUND: - Cryptocurrencies are like Bitcoin, Ethereum, and various altcoins conduct on decentralized block chain technology. It ensures transparency and security etc. However, the pseudonymous or anonymous nature of transactions and the lack of stringent regulation, which make the cryptocurrencies attractive to cybercriminals. The digital currencies initiated from the year of 1980 through those such as pioneers David Chaum who also secure the system of E-cash. The cryptocurrencies addressed with the launch of bitcoin in 2009
Key aspects of cryptocurrency-related cyber fraud include: -
- Phishing Scams.
- Pump-and-Dump Schemes.
- Ransomware Attacks.
- Initial Coin Offering (ICO) Scams etc.
PROVISION: - The provisions under these are-
- Information Technology Act, 2000.
- Internal Revenue Code, 1986.
- The Cryptocurrency Regulation Bill, 2021 (new bill of India which has been introduced).
- Prevention of Money Laundering Act, 2002, etc.
- Enforcement Agencies, such as-
- Reserve Bank of India (RBI).
- Enforcement Directorate (ED).
- Cyber-crime cell.
FAQs: - Probable questions to be raised-
- Are cryptocurrencies legal in India?
A: Yes.
- What should one do if they falls under the scam of cryptocurrency?
A: Reporting the incident to the adequate authority is compulsory and preferable to connect with a senior advocate.
- How can one protect themselves from cryptocurrency fraud?
A: Staying update is important and if there is any possibility to get defraud immediately contact the expert advocate.
- What is the need for appointing an advocate during this situation?
A: Appointing an advocate is a crucial part to be able to navigate in a proper direction and also to ensure the legal procedure, legal paperwork, for representation, to be able to get help during complex situation and also, for physiological support etc.
- How government of India is regulating the cryptocurrency?
A: By providing the stringent provisions and complying with them with necessity and also taking the adequate assistance of the legal authorities.
- What NRIs can do regarding this matter?
A: First they have to get aware of the law of the particular country and it is the better option to get connect with an experienced advocate of such country.
CONCLUSION: - In India it is considered with importance, for which the stringent framework to ensure that the process is ethical, transparent and maintain the protection of each people’s well-fare. Also, the Online Legal Query here has participates to help the aggrieved through the experienced senior advocates and legal team to be able to guide in the proper path to meet with their ultimate fairness.
