The digital assets industry, especially cryptocurrencies, is marching towards mainstream adoption. Aided by Bitcoin’s price surge, more people are jumping on board of trading and acquiring regular crypto and stablecoins, and more investors are being born and welcomed to the field.
However, if there is one thing preventing crypto from becoming a truly global phenomenon, it is the fear of vulnerabilities, most precisely, frauds and scams. Fear of losing everything still exists, and it has been increasing hand in hand with some of the most impactful hacking attacks and crypto scams of 2018 and 2019.
Developing “Domain Expertise” In Crypto Crimes
However, some good news on that front have appeared in India, a country with increasing interest in crypto projects and assets. According to a government filing, the country’s Ministry of Home Affairs is planning to offer police offers an intensive training session to develop what they call “domain expertise” in crimes in the cryptocurrency industry.
The report explains that the Ministry of Home Affairs of India will cover all the expenses of the training course, which is expected to last two days. The initiative has been welcomed by both the police and investors in the surging Asian nation.
The name of the course is “Investigation of Cases Involving Crypto Currencies,” and will include subjects such as introduction to the blockchain technology (a key component of cryptocurrencies,) standing legal traditions, and the interpretation of notorious crypto crimes.
The course is scheduled to be held at the S. V. P. National Police Academy in Hyderabad, from September 5th to September 6th. It is destined for the IPS police officers of the rank of Addl. Superintendent of Police to Inspector General of Police.
The program is optional, as policemen will not be required to complete it. However, officers will be nominated to participate. To complete the course, those who have expressed any degree of interest in “cybercrime and IT” will integrate a list, and some participants will be picked from that population.
A Controversial Topic
As we have stated, India not only has become more interested in cryptocurrencies and blockchain technology, but it has also become a center of controversy regarding those subjects because the government has planned bans to these assets. For example, the Reserve Bank of India recently prohibited any kind of relationship between banks and crypto firms. The measure is currently facing arbitration in the nation’s Supreme Court.
The Reserve Bank of India is not the only governmental entity that has showed an anti-crypto stance. Mostly due to perceived concerns about security, tax evasion, money laundering, and fraud, extensions such as The Department of Economic Affairs, Central Board of Direct Taxes, and the Investor Education and Protection Fund Authority all put pen to paper on a draft bill named “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019.”
There are reasons behind those organisms’ fear, and that is why the police will receive training to better handle these situations. For example, this past month, the police arrested a fraudster connected to a firm called Liberty Coin: some people claimed to have lost tens of thousands of dollars, which is worrying because they were promised 5,000% ROI (return on investment.)
By Andres Chavez