Cryptocurrency is a digital currency that is capable of performing the functions of a real currency. It works using blockchain technology. Payments by cryptocurrencies take place without any interference from an authorized agency. This kind of decentralized structure enables them to exist outside the government’s and authorities’ control.
Crypto frauds have taken a quantum leap in India due to the increase of investments by Indians in cryptocurrency and the lack of regulations. Crypto frauds have become a popular way to trick people into sending money by using different ways.
Watch this LawWiser #InAMinute video where Rajat Pradhan, Principal Associate at Phoenix Legal explains and helps us understand the rise of crypto frauds in India. In this video powered by Phoenix Legal, he explains cryptocurrency and the lack of legal framework regarding the disputes involved in its transactions. He also shares insights on the current situation of crypto frauds in the country with reference to a recent case before a Delhi Court.
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