The legality of cryptocurrencies has been one of the main concerns of India. It has kept many investors on a side where people think that investing in cryptocurrencies can put them in trouble or they can even lose their money. This is completely a hoax as investors have been involved in this excellent money multiplication process for a long time.
If we set aside ponzi MLM based projects in India or the world and choose cryptocurrencies wisely, there will definitely be no problem. Still, for those who are still worried about this upcoming vibrant market, I will try to cover all aspects of the legalization of cryptocurrencies in India.
Although China has banned the trading of cryptocurrencies to reach regulations, Japan took the first initiative to regulate these currencies. The United States and Australia are already setting guidelines to regulate as soon as possible.
Fintech Valley Vizag, the flagship initiative of the Andhra Pradesh government, JA Chowdary, who is CM’s IT advisor, is involved in creating a strong foundation for Indians to evolve and adopt blockchain technology. They are also considering opening schools to teach blockchain to the younger generation. Therefore, when this level of strategies is established and implemented, you can understand that the country welcomes the blockchain and the projects that are based on it. Definitely, cryptocurrencies will also be regulated soon.
Speaking at a KPMG fintech event, RBI chief executive 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, for to put it another way. We are looking at this more closely. ” Statements were issued that RBI will not assume any responsibility for investors betting on cryptocurrencies. As the Indian government watches the domestic growth of cryptocurrencies with a mix of apprehension and intrigue, local startups are leading the way in incorporating bitcoin and other cryptocurrencies into India’s high digital ambitions. If you look closely, you will find that several cryptocurrency projects are already working in the market such as Indicoin (a cryptocurrency) and Zebpay (a bitcoin exchange).
In particular, Indicoin has just finished its pre-sale and ICO 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 listed on HitBTC and several other major stock exchanges around the world. Therefore, even if the regulations are taking a long time to arrive, investors can trade with Indicoins. Transactions are not in fiat currency, so no harm to national law as such occurs.
Zebpay, a bitcoin exchange has been active for a long time. They have permission to operate in the market and have been doing very well. Therefore, if projects like Indicoin and Zebpay can establish a platform and attract their customers by creating a good awareness, this will catalyze investments in cryptocurrencies in the near future.
Now, if you visit bitcointalk and try to find regulations in India, you will notice the comments of the experts, among all the maximum contains the motivation to continue trading in cryptocurrencies.
India, of course, is not a communist country like China, where only one regime decides the country’s fortune. It is a democratic country and if the whole system welcomes cryptocurrencies, the government cannot deny it. We all know the potential that cryptocurrencies contain and that it will certainly raise the economic foundations of the common man.
The regulations are on the doorstep, the framework will soon be effective once the committee decides the rules to be established. Whatever the regulations, one thing is for sure that the negotiation will not stop and that projects like Indicoin and others will create a big hype in the market. So I think everyone should do it and prepare to witness the whole new era of virtual currencies and digitization. Everything will be different and better, right?