While crypto investments through legal channels are authorised, cryptocurrencies are also being used to dupe investors on the pretext of high returns and are also used in various criminal activities including money laundering, Deputy Commissioner of Police (Intelligence Fusion and Strategic Operations) KPS Malhotra said on Friday.
Mr. Malhotra made these remarks in a live Twitter session, the third of its kind hosted by Delhi Police, titled “Ask Me Anything”, focusing on cyber safety and crime.
This was the third such awareness programme organised by the police. It was held based on the directions issued by the Delhi Police Commissioner Rakesh Asthana to strengthen the police-public partnership and create awareness about important issues through social media platforms.Explaining the “legal channels” of cryptocurrencies, Aman Sanduja, Founder – Moving, a crypto knowledge community platform, said that when cypto is bought and sold via accounts that have ‘Know Your Customer’ documents in place, they are authorized. “Simply put, if one is buying crypto in cash and sending to a wallet has no details of the person who owns it, it’s not legal. On the other hand, if the transaction is made on a KYC enabled exchange through one’s bank account to buy crypto, it’s identified as legal,” he said.
Finance Minister Nirmala Sitharaman had in her recent Budget speech proposed that any income from transfer of any virtual digital asset such as cryptocurrencies and non-fungible tokens shall be taxed at the rate of 30%.
Mr. Malhotra – while talking bout cyber-crime and safety precautions – also discussed the importance of reporting financial online fraud within the “golden hour” on 155260 to stop the money from being taken out of the financial system.
When asked about the Bulli Bai case and the safety of women on the internet, the DCP replied that the Delhi Police worked out the said case and arrested the culprits. Secure net activity was essential to avoid data breach, he added.
