High-ranking officers in the Indian police are to be given training on cryptocurrencies and blockchain to help them deal with the growth in criminal activity involving digital assets.
The Sardar Vallabhbhai Patel National Police Academy is based in the southern Indian city of Hyderabad, a major hub for the country’s technology industry, and will deliver a two-day course on “investigation of cases involving cryptocurrencies”.
Candidates for the training will receive an introductory course on the functioning of cryptocurrencies and blockchain technology, before discovering about the legal aspects of digital assets and the types of crimes committed using them and, finally, how to investigate such criminal activity.
Indian regulators and government officials have wavered on their approach to a legal framework for cryptocurrencies. Many government departments are in favour of a complete ban on the issuance and trading of cryptocurrencies, but the national administration has, so far, declined to impose such measures.
Last October, India’s Financial Stability and Development Council discussed how best to deal with digital assets and was tasked with suggesting an “appropriate legal framework to ban use of private cryptocurrencies in India”.
Growth in Scamming
Efforts to impose appropriate rules have not deterred criminal activity involving crypto-assets. Last month the Times of India reported a cryptocurrency scam that involved investment in the so-called “Regal Coin” that cheated victims out of nearly a million dollars.
And in January Indian crypto-scammers stole $2 million in a ponzi scheme that used various websites to cheat victims by promising soaring returns on their investments.