online gaming: Govt to launch awareness campaign on crypto and online gaming

The government will soon launch a campaign to raise awareness about cryptocurrencies and online games. The Investor Protection and Education Fund (IPEF) under the Ministry of Enterprise will launch his outreach campaign focused on the legal status of cryptocurrencies and online gaming platforms, a government official said. It aims to educate people about the risks of investing in such assets and platforms.

Such developments indicate that many small and retail investors in the country continue to invest in cryptocurrencies despite the recent market turmoil and steps taken by the government to discourage the asset class. It’s for

It has also been observed that gaming platforms offer products that could be construed as gambling, with the same being advertised as a way for people to earn extra money. emphasizes that cryptocurrencies are not legal and that such assets carry deep risks.There is a risky element to any investment where people are promised favorable and guaranteed returns,” said the official. person added.

This is the first time IPEF has run a campaign on digital assets. We typically work to raise awareness about investing in the public markets. But now IPEF is changing its strategy by targeting different asset classes and covering all kinds of Ponzi schemes.

“Cryptocurrencies may pose a greater risk in urban areas, but people in rural areas are vulnerable to a range of different Ponzi schemes, including collective investment schemes and chit-fund scams,” the official said. I’m here. “The IPEF takes a targeted approach to raising awareness about the various Ponzi or risky investment vehicles, rather than a one-size-fits-all.” Prices have fallen significantly from their peaks in the recent past. Bitcoin, the most popular cryptocurrency, plunged 64% in 2022. Some of the lesser-known currencies plummeted even further. However, some cryptocurrency exchanges have been found touting these declines as an opportunity to buy more cryptocurrencies.

One of the key differences between regulated investment assets such as stocks and bonds and unregulated ones such as cryptocurrencies is the safety net provided by regulators. Regulatory bodies such as the Securities and Exchange Commission of India, the Reserve Bank of India, and the Ministry of Enterprises have some regulatory oversight over asset classes such as equities and bonds.

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