India, which has issued executives to many giant companies, has been late in cryptocurrency regulations. Exporting top executives to the world’s major companies, India actually operates like a large software institute.
Citizens of the country, which raises millions of developers, can receive software-oriented education at a young age. Names such as Sundar Pichai, Rajeev Suri and Satya Nadella are among these young people who are educated in state institutions where they can learn software in secondary and high school. But when it comes to cryptocurrencies, India almost resembles the wild west.
India and Cryptocurrency Regulations
The executives of dozens of giant companies such as Nokia, Google and Adobe came out of India. But how did they do it? How is it that India exports managers and software technicians to the whole world?
Of course, the answer is clear, they acted early and designed their education systems for the future. They have trained millions of software developers and sent them to the best companies in the world. But in preparing for the future, India seems to have slowed down. There have been extremely unfortunate statements about cryptocurrencies in the past, but they have been compensated. However, there is no concrete regulation and legislation on how to treat cryptocurrencies yet. This, of course, makes India the wild west of the cryptocurrency markets. Millions of people are being scammed with cryptocurrencies .
India and Cryptocurrency Scams
There are so many cryptocurrency scams in the country every day that the last one involved a man disguised as a woman selling land on the Moon for cryptocurrency. Lots of people gave their crypto investors to this female-looking Indian for a plot on the Moon.
Another scammer offered portfolio management services to cryptocurrency investors. He asked them for their crypto money and promised a certain monthly income. The result did not change, he said he would do portfolio management, took the money and ran away. Victims who went to the police learned that the money had been withdrawn from an exchange account registered in someone else’s name. However, the captured wallet owner claims that his account has been hacked.
A recent study says the country urgently needs regulation. New cryptocurrency ponzis are created every day and new ones are added to fake exchanges all the time. In its current state, India is a very prone country to defraud and defraud, it seems that cryptocurrencies must be regulated quickly.