Legal Status Of Virtual Currencies/Cryptocurrencies In India
Legality of cryptocurrencies has been one of the major point of concern in India. It has kept many investors on a side where people think that investing in cryptocurrencies might put them in trouble or they might even lose their money. This is completely a hoax as investors have been involved in this excellent money multiplication process for a quite long time.
If we keep aside the ponzi MLM based projects in India or world and we choose the cryptocurrencies wisely, definitely there are no issues as such. Still, for those who are still worried about this upcoming vibrant market, I will try to cover all aspects of legalization of cryptocurrencies in India.
While China has banned the cryptocurrency trading already to come up with regulations, Japan took the first initiative to regulate these currencies. USA and Australia are already setting up the guidelines to regulate as soon as possible.
Fintech Valley Vizag, the flagship initiative of Government of Andhra Pradesh, J A Chowdary who is IT advisor to the CM are involved in creating a firm foundation for the 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 are being made and getting implemented, you can understand the country is welcoming blockchain and the projects based on it. Definitely the cryptocurrencies as well are going to be regulated soon.
Speaking at a fintech event by KPMG, RBI executive director 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 looking at that closer". Statements were released that RBI won't take any responsibility for the investors going for the cryptocurrencies. As the Indian government watches the domestic growth of cryptocurrency with a mix of apprehension and intrigue, local startups are leading the way in incorporating bitcoin and other cryptocurrencies into India's lofty digital ambitions. If you see closely, you'll find that various crypto projects are already functioning in the market like Indicoin (a cryptocurrency) and Zebpay (a bitcoin exchange).
Particularly, Indicoin just finished their presale and ICO successfully and sold over 95% of the total available tokens. The figure clearly indicates that the investors not only from India but from all over the world have shown huge support for the project. Indicoin is going to be traded on HitBTC and various other major exchanges worldwide. So, even if the regulations are taking some time to come in, the investors can trade with Indicoins. The transactions are not in fiat currency so there is no damage caused to the national law as such.
Zebpay, a bitcoin exchange is active from a long time. They have the permission to function in the market and they have been doing great! So, if the projects like Indicoin and Zebpay can set a platform and attract their customers creating sound awareness, this will catalyse the investments in cryptocurrencies in coming time.
Now if you visit bitcointalk and try to find regulations in India, you will notice the expert comments, out of all maximum contains the motivation to continue trading in cryptocurrencies.
India of course, isn't a communist country like China where only one regime decides the fortune of the country. It is a democratic country and if the whole system welcomes the cryptocurrencies, the government cannot deny that. All of us know that what potential is contained in the cryptocurrencies and definitely it's going to raise the economical grounds of the common man.
The regulations are at the door, the framework will soon be effective once the committee decides the norms that has to be set. Whatever might be the regulations, one thing is sure that the trading isn't going to stop and the projects like Indicoin and others are going to create a great hype in the market. So, I think everyone should buckle up and get ready to witness the whole new era of virtual currencies and digitization. It is going to be all different and better, right?