Government has these tips for Bitcoin and other cryptocurrency investors

June 5, 2021 Editor Bitcoin 0

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 get swayed by the jump in the value of these virtual currencies. This makes them vulnerable to crypto frauds as cyber criminals take advantage of their lack of knowledge and understanding.
Cyber Dost has shared tips aimed to help investors stay safe from such crypto frauds and prevent them falling for these scams. For those unaware, Cyber Dost is the safety and cybersecurity awareness handle of the Ministry of Home Affairs, Government of India, on Twitter. In a tweet, Cyber Dost has listed four precautionary measures.
These are

  • Scammers may attract investors via websites and other social media platforms
  • Don’t fall for attractive offers and fake endorsements
  • Fraudsters may attempt to convince investors to make payment via Online transfer or Gift card for investment
  • Be vigilant and conduct detailed research and read online crypto reviews before proceeding for investment

As the post details, one must conduct a detailed research about the digital currency they are looking to invest in. Tracking its past performance and reading online reviews can be a good step. One should not believe any offer on social media platforms like WhatsApp and Facebook that endorses any particular investment. Always invest via a legit platform/app. Also, one must not make online payments in lieu of receiving any gift card for investment.
Earlier this week, the country’s central bank , Reserve Bank of India, asked banks to withdraw their warning communication on cryptocurrency. The notice reportedly cites a 2018 circular by the Reserve Bank of India (RBI) that was struck down by the Supreme Court in 2020.