By now, we’ve just about heard it all from crypto skeptics. From some of the world’s wealthiest investors such as Warren Buffet to economists such as Nouriel Roubini. This time, however, the skepticism is coming from another party: the Indian police.
Police from the Northern Indian state of Jammu and Kashmir recently issued a warning to Indians against investing in cryptos. Cryptos aren’t backed by the government or the reserve bank. They thus pose a heightened risk to their investors and could lose them money. Cryptos also use an encrypted distributed ledger, making the transactions private. This makes them highly susceptible to drug trafficking and terror funding, the police explained.