Sun. Jul 3rd, 2022
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NEW DELHI: The consumer affairs ministry will soon come out with a document with answers to frequently-asked questions (FAQs) on crypto currencies and also publish case studies of consumers so that people who are not familiar with this digital/virtual currency can get an idea of the risks involved in its business.
The ministry has set up a panel of officials, experts, lawyers, representatives of digital exchanges and NGOs to prepare the FAQs after receiving several complaints of people losing their investments in cryptos.
“The current position on crypto currencies is that it can be advertised, so the FAQs will enable consumers to understand what crypto currencies are and take precautions before investing. We are only looking at it from consumers’ point of view. There is an issue of exaggeration in their advertisements. The FAQs aim at making the consumers wary,” Union consumer affairs secretary Rohit Kumar Singh said in response to a question on misleading advertisements.
An official said the members of the panel have flagged how people face problems such as how to buy the crypto currency from a digital exchange; what are the types of crypto currencies that are transaction and how to track the source of a digital asset. “There is a consensus view that people should not invest in crypto currencies, if they are not familiar. But we will come up with basic information that an investor needs to know and what are the Dos and Don’ts. One such example would be to create a separate bank account only for such transactions and not to link this to the main bank account,” said a source.

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