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More than 2 crore people own cryptocurrencies in India, according to the popular crypto-exchange platform WazirX, with investments from Indians reaching $6.6 billion till May 2021, according to an Analytics Insight report. However, the lack of understanding around the functionality and risks of cryptocurrencies have made them difficult to regulate and open to fraud.

In this video, watch Alok Prassana (Co-Founder and Lead, Karnataka), Shehnaz Ahmad (Senior Resident Fellow and Lead, Fintech), and Vidushi Gupta (Senior Resident Fellow and Lead, Tax) break down how cryptocurrencies function, the validity of their classification as “currencies”, and the possible risks they pose with regards to scams, regulation, taxation, and international security.

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