The growing need to regulate crypto

One of the biggest gainers of 2024 was cryptocurrency. The US president-elect Donald Trump and his advisor Elon Musk throwing their weight behind crypto resulted in Bitcoin shooting through the $1,00,000 mark in December. When the first successful digital currency, Bitcoin, appeared in 2009, it was perceived as a bid to circumvent regulation that was seen as ineffective and cumbersome. Some global cyber-crime syndicates systematically target crypto investors. Around 840 crypto-related complaints were registered in India in 2023, with total losses amounting to hundreds of crores of rupees.