The legality of cryptocurrencies has been one of the main points of concern in India. It has kept many investors on a side where people think that investing in cryptocurrencies could put them in trouble or even lose their money. This is completely a hoax as investors have been involved in this excellent money multiplication process for quite some time.
If we put aside Ponzi based MLM projects in India or in the world and choose cryptocurrencies wisely, there are definitely no problems as such. Still, for those who are still worried about this upcoming vibrant market, I will try to cover all aspects of cryptocurrency legalization in India.
While China has already banned cryptocurrency trading to come up with regulations, Japan took the first initiative to regulate these currencies. The US and Australia are already setting the guidelines to regulate as soon as possible.
Fintech Valley Vizag, the flagship initiative of the Government of Andhra Pradesh, JA Chowdary, IT Advisor to the CM, is involved in creating a firm foundation for Indians to evolve and adopt blockchain technology. Plans are also being made to open schools to teach blockchain to the young generation. So when this level of strategies is created and implemented, you can understand that the country is welcoming blockchain and projects based on it. Cryptocurrencies will definitely be regulated soon as well.
Speaking at a KPMG fintech event, RBI CEO Sudarshan Sen said: “Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are seeing that Close”. Statements were released that RBI will not take any responsibility for investors looking for cryptocurrencies. As the Indian government watches the nation’s cryptocurrency growth with a mixture of apprehension and intrigue, local startups are leading the way in incorporating bitcoin and other cryptocurrencies into India’s lofty digital ambitions. If you take a closer look, you will find that several crypto projects are already running in the market like Indicoin (a cryptocurrency) and Zebpay (a bitcoin exchange).
In particular, Indicoin has just finished its presale and ICO successfully and sold more than 95% of the total available tokens. The figure clearly indicates that investors not only from India but from all over the world have shown great support for the project. Indicoin will be traded on HitBTC and several other major exchanges around the world. So even if regulations are slow to come in, investors can still trade Indicoins. Transactions are not in fiat currency, so no harm is caused to national law as such.
Zebpay, a bitcoin exchange is active for a long time. They have permission to operate in the market and have been doing very well! So if projects like Indicoin and Zebpay can establish a platform and attract their customers by creating strong awareness, this will catalyze crypto investments in the future.
Now, if you visit bitcointalk and try to find regulations in India, you will notice that the comments of the experts, of all highs, contain the motivation to continue trading cryptocurrencies.
India, of course, is not a communist country like China, where only one regime decides the fortunes of the country. It is a democratic country and if the whole system welcomes cryptocurrencies, the government cannot deny it. We all know what is the potential contained in cryptocurrencies and it will definitely increase the economic foundations of the common man.
The regulation is at the door, the framework will soon enter into force once the committee decides the norms that should be established. Whatever the regulations, one thing is for sure: trading will not stop and projects like Indicoin and others will create a buzz in the market. So, I think everyone should buckle up and get ready to witness the whole new era of virtual currencies and digitization. Everything will be different and better, right?
