Legality of cryptocurrencies has been one of the major point of concern around India. It has kept many investors on a side wheresoever people think that investing in cryptocurrencies might put them in trouble or simply they might even lose their money. This is completely a joke as investors have been involved in this excellent money multiplication approach for a quite long time.
If we keep aside the ponzi MLM based projects in India or world which choose the cryptocurrencies Airdrops wisely, definitely there are no issues so ,. Still, for those who are still worried about this upcoming vibrant current 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 labor to regulate these currencies. USA and Australia are already publishing the guidelines to regulate as soon as possible.
Fintech Valley Vizag, the range topping initiative of Government of Andhra Pradesh, J A Chowdary who is IT advisor to the CM are involved in creating a corporation 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 practices are being made and getting implemented, you can understand the country can be welcoming blockchain and the projects based on it. Definitely the exact 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 correios cryptocurrencies. Something that is an alternative to the Indian rupee, as they say. We are looking at that closer”. Statements were released of which RBI won’t take any responsibility for the investors looking for the cryptocurrencies. As the Indian government watches the indigenous growth of cryptocurrency with a mix of apprehension and intrigue, area startups are leading the way in incorporating bitcoin and other cryptocurrencies into India’s lofty digital ambitions. If you see directly, you’ll find that various crypto projects are already functioning in the market for instance Indicoin (a cryptocurrency) and Zebpay (a bitcoin exchange).
Particularly, Indicoin just finished their presale and ICO successfully and sold over 95% of the total on the market tokens. The figure clearly indicates that the investors besides from India but from all over the world have shown huge service for the project. Indicoin is going to be traded on HitBTC plus various other major exchanges worldwide. So , even if the regulations take some time to come in, the investors can trade by using Indicoins. The transactions are not in fiat currency hence there is no damage caused to the national law as such.
Zebpay, a bitcoin exchange is active from a long time. Obtained the permission to function in the market and they have been doing superb! So , if the projects like Indicoin and Zebpay might set a platform and attract their customers creating tone awareness, this will catalyse the investments in cryptocurrencies in returning time.
Now if you visit bitcointalk and try to find legislation in India, you will notice the expert comments, out of most of maximum contains the motivation to continue trading in cryptocurrencies.