In my country our prime minister announced PM Kisan Scheme to directly benefit the farmers and the people who are associated with agriculture. This has been distributed in three installments directly to the beneficiary's bank account. Government employees are responsible for it, but to ease it on covid lockdown relaxations were given on applications and approval. This is being used by the brokers and has scammed 110 crore rupees. Now investigation has been started and 32 crore rupees have been retrieved directly from the banks.
My question, if this has been done through bitcoin or any other cryptocurrency what'll be the remedy. Here atleast some amount is being recovered, as the transactions were made through a centralised banking services. This way does governments encourage the usage of cryptocurrencies in the future on official needs.
Source :
The Indian Express I dont know when it comes to remedy once these scheme do happen then its most not likely for those money to be given back but at least there would be some compensation or aid
and also the difference of transactions that do happen via Fiat and Cryptocurrency is different. We know that cryptocurrency transactions are fully transparent but when the time comes when scam happens
then theres no turning back of those funds yet tx are irreversible even if you do know that suspects wallet address then its still useless.Unlike when dealing up with Fiat where someone can
really sue out and do make investigations on where those funds go and recovery might really be possible.