The legality of cryptocurrencies is one of the main concerns in India. It keeps many investors in a country where people think investing in cryptocurrencies can make it difficult for them or even lose their money. This is a complete scam, as investors have been involved in this excellent process of multiplying money for quite some time.
If we set aside ponzi MLM-based projects in India or around the world and choose cryptocurrencies wisely, there are definitely no problems as such. Still, for those who are still worried about this upcoming bustling market, I will try to cover all aspects of the legalization of cryptocurrencies in India.
While China banned cryptocurrency trading to come up with regulations, Japan took the first initiative to regulate those currencies. The United States and Australia are already setting regulatory guidelines as soon as possible.
Fintech Valley Vizag, the flagship initiative of the government of Andhra Pradesh, JA Chowdary, which is CM’s IT advisor, is involved in creating a solid foundation for Indians to develop and adopt blockchain technology. Plans are also being made to open blockchain training schools for the younger generation. So when this level of strategies are made and implemented, you can understand that the country welcomes the blockchain and the projects based on it. Definitely, cryptocurrencies will soon be regulated.
During a fintech event at KPMG, RBI CEO Sudarshan Sen said: “We currently have a group of people looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at it more closely.” . Statements have been made that RBI will not take any responsibility for investors who go for cryptocurrencies. While the Indian government is monitoring domestic cryptocurrency growth with a mixture of fears and intrigue, local startups are leading the way in including bitcoin and other cryptocurrencies in India’s high digital ambitions. If you look closely, you will find that various crypto projects such as Indicoin (cryptocurrency) and Zebpay (bitcoin exchange) are already operating on the market.
In particular, Indicoin has just successfully completed their pre-sale and ICO and sold over 95% of the total number of tokens available. The figure clearly shows that investors not only from India but also from around the world have shown great support for the project. Indicoin will be traded on HitBTC and various other major exchanges around the world. So, even if the regulations take some time, investors can trade Indicoins. The transactions are not in fiat currency, so there is no damage to national law as such.
Zebpay, the bitcoin exchange has been active for a long time. They are allowed to operate on the market and do great! So, if projects like Indicoin and Zebpay can set up a platform and attract their customers by creating good awareness, this will catalyze investment in cryptocurrencies in the future.
Now, if you visit bitcointalk and try to find regulations in India, you will notice the comments of experts, of all the maximum contains the motivation to continue trading cryptocurrencies.
Isn’t India, of course, a communist country like China, where only one regime decides the state of the country? It is a democracy and if the whole system welcomes cryptocurrencies, the government cannot deny it. We all know what potential is in cryptocurrencies and will definitely raise the economic foundations of the common man.
The regulations are at the door, the framework will enter into force soon after the commission decides the norms to be determined. Whatever the regulations, one thing is for sure, trade will not stop and projects like Indicoin and others will create great noise in the market. So, I think everyone needs to buckle up and prepare to witness a whole new era of virtual currencies and digitalisation. It will be different and better, right?