Written by 1:28 pm Cryptocurrency

Govt to launch cryptocurrency and online gaming awareness campaign

Amid the fall of top cryptocurrencies and the volatile market, the Ministry of Corporate Affairs announced a crypto awareness campaign.

Nidhi Bhardwaj

New Delhi,UPDATED: Dec 27, 2022 18:57 IST

Govt to launch cryptocurrency and online gaming awareness campaign

By Nidhi Bhardwaj: The government has planned to launch an awareness campaign for concerns related to crypto assets and online gaming, announced a government official. The information further highlighted the need to educate people about the risks associated with crypto assets. On this occasion, the Investor Protection and Education Fund (IPEF), which falls under the Ministry of Corporate Affairs, will launch an outreach campaign.

What to expect from the outreach campaign?

As per the report, the outreach program is designed to promote awareness among citizens about the risks associated with crypto investments, involving market volatility. Despite the market uncertainty, officials will focus on the discouragement of ongoing investments in crypto by many micro and small investors in the nation.

Moreover, the legality of cryptocurrencies in India will be discussed, incorporating the aspect of risks with such assets. The official further mentioned that, “Any investment where people are being promised lucrative and assured returns, comes with a high element of risk.”

Additionally, the focus will be given to opportunities that allow people to make extra money, which may be construed as gambling, according to the report.

Is this campaign the first of its kind?

As per the information, this new campaign by IPEF focusing on digital assets, is the first of its kind to do so. Officials announced plans to undertake the current scenario of Ponzi Schemes, like crowdfunding schemes or chit-fund frauds, and other asset classes.

Cryptocurrency has been badly hit this year, with several currencies losing their value. And this decision is taken to control the risk and loss attached.

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