1. Delhi Police holds session on cryptocurrency, officers find it a complex subject to understand

Delhi Police holds session on cryptocurrency, officers find it a complex subject to understand

The officers were told about the invention of cryptocurrency and its regulation in other countries. Also, they were informed about the types of fraud involving it.

By: | Published: February 14, 2018 11:46 AM
The officers were told about the invention of cryptocurrency and its regulation in other countries. (Reuters)

Delhi Police held a session for its officers on digital currency on Tuesday in the wake of rising cheating cases related to cryptocurrency in the national capital. A two-hour class at the Police Headquarters was attended by all senior officers including special commissioners, joint commissioners, and DCPs, The Indian Express reported today. During the session, the officers were taught about the threats related to cryptocurrencies in India. The officers were told about the invention of cryptocurrency and its regulation in other countries. Also, they were informed about the types of fraud involving it. However, there was no session on investigation, a JCP who also attended the session said.

NGO named Global BlockChain Foundation conducted the session. Pankajj Ghode, the chairman of NGO said he explained the basics of cryptocurrency and discussed several cases across the country. He said that the discussions were also on what officers should do when they get cases related to it. Terming it as a “complex subject”, some officers, however, found it little difficult to understand. They said it would require some more sessions to understand the subject. A DCP-level officer was quoted as saying that it is a complex subject and requires technical expertise. “We need more such classes to understand it and act accordingly,” the officer said.

This session was a result of various cheating cases involving cryptocurrency that surfaced in past few months. As per the report, the Delhi Police Crime Branch has worked out three cheating cases involving digital currency. In one such case last week, two men were arrested for allegedly setting up a multi-level marketing racket and selling two cryptocurrencies, RHF coin and RHF Gold. The officials claimed they were associated with Russia’s premier petroleum company, Rosneft.

A cryptocurrency is a digital form of currency in which encryption techniques are used to regulate generation of units of currency and verify transfer of funds. They are a type of digital currencies, alternative currencies, and virtual currencies.

Bitcoin was the first decentralized cryptocurrency, which was created in the year 2009. Bitcoin is legalised in countries such as Canada, Europe, Singapore, Japan, US, Brazil, and Israel. It is not legal tender and is subject to tax. In February last year, the RBI had cautioned against cryptocurrencies, stating, “any user, holder, investor or trader dealing with virtual currency is doing it at their own risk”.

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