FM alerts youth on crypto investments
The Government for the second time is scheduled to introduce new cryptocurrency regulations during Winter Session; FM leaves GST on petrol to its Council’s discretion
Union Minister Nirmala Sitharaman
Jaipur: Even at a time when the Crypto Bill remains delayed in India, there are thousands of youngsters who are investing huge amounts in the digital platform aiming at drawing bigger returns. In fact many of these are students who are putting their pocket money into the system to get more in return.
Rahul, a commerce second year student in Jaipur, invested Rs 5,000 and got Rs 1 lakh plus in return a few months later in 2022. Soon after, his cousins and friends started investing their pocket money into it and the trend continues even today.
His cousin also invested a huge amount, however the currency tumbled soon after. It was his college fees and he had to face problems, but managed as his friends pooled money for him.
This story is not limited to Rahul and his cousin, but there are many other youngsters who are putting their parents' hard-earned money into crypto to earn quick returns. IANS raised the query on crypto with Union Minister Nirmala Sitharaman during a press conference in Jaipur on Monday.
She said, "In India, crypto is on the agenda of G20. This is because we think technology driven crypto asset creation and buying and selling of assets in the crypto world will have to have international cooperation. The reason is they can be anywhere but operated in India or they can be in India but operated somewhere else."
