The legality of cryptocurrencies is one of the main concerns in India. This keeps many investors in a country where people think that investing in cryptocurrencies can get them in trouble 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.
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If we put aside ponzi MLM-based projects in India or the world and choose cryptocurrencies wisely, there are definitely no problems as such. However, 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 has already banned cryptocurrency trading to come up with regulations, Japan has taken the first initiative to regulate those currencies. The United States and Australia are already developing regulatory guidelines 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 solid foundation for Indians to develop and adopt blockchain technology. Plans are also being made to open schools to teach blockchain to the younger generation. So when this level of strategy is created and implemented, you can understand that the country welcomes the blockchain and the projects based on it. Cryptocurrencies will definitely be regulated soon.
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Speaking at 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 this more closely. “Statements have been issued that the RBI will not take any responsibility for investors who go for cryptocurrencies. and other cryptocurrencies in India’s high digital ambitions If you look closely, you will find that various cryptocurrencies are already operating in the market such as Indicoin (cryptocurrency) and Zebpay (bitcoin exchange).
In particular, Indicoin has just successfully completed its pre-sale and ICO and sold over 95% of the total 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 licensed to operate in the market and are doing great! So, if projects like Indicoin and Zebpay can create a platform and attract their customers by creating good awareness, this will catalyze investment in cryptocurrencies in the near future.
Now, if you visit bitcointalk and try to find regulations in India, you will notice the expert comments, of all the highs contain the motivation to continue trading cryptocurrencies.
India, of course, is not a communist country like China, where only one regime decides the country’s fate. 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 this will definitely raise the economic foundations of the common man.
The rules are at the door, the framework will come into force soon after the commission decides the norms to be determined. Whatever the regulations, one thing is for sure, the trade will not stop and projects like Indicoin and others will create a lot of 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. Everything will be different and better, right?