The legitimacy of cryptocurrencies has been a major issue in India. This keeps many investors on the side when people think that investing in cryptocurrencies can get them in trouble, or they may even lose their money. This is a complete deception, as investors have long been involved in this wonderful process of multiplying money.
Leaving aside MLM projects based on ponzi, in India and around the world, and we wisely choose cryptocurrencies, there are definitely no problems as such. However, for those who are still worried about this possible bustling market, I will try to cover all aspects of cryptocurrency legalization in India.
While China has banned cryptocurrency trading to already work out rules, Japan has taken the first initiative to regulate those currencies. The US and Australia are already making regulatory recommendations as soon as possible.
Fintech Valley Vizag, the flagship initiative of the Andhra Pradesh government, J.A. Chaudhary, who is an IT advisor to SM, is involved in building a solid foundation for the development of Indians and the adoption of blockchain technology. It is also planned to open schools for teaching the younger generations of blockchain. So when this level of strategy is done and implemented, you can understand that the country welcomes blockchain and projects based on it. Of course, cryptocurrencies will also be regulated soon.
Speaking at KPMG’s fintech event, RBI CEO Sudarshan Sen said: “We now have a group of people considering fiat cryptocurrencies. Something that could be an alternative to the Indian rupee, so to speak. We are looking at it closer.” Statements have been issued stating that RBI will not be liable for investors who go for cryptocurrencies. While the Indian government is watching the domestic growth of cryptocurrencies with a combination of fears 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 see that there are already various crypto projects on the market, such as Indicoin (cryptocurrency) and Zebpay (bitcoin exchange).
In particular, Indicoin has just successfully completed pre-sales and ICOs and sold over 95% of the total tokens available. The figure clearly shows that investors not only from India but also from all over the world have shown tremendous support for the project. Indicoin is going to trade on HitBTC and other major exchanges around the world. So even if the rules take some time, investors can trade with Indicoins. Transactions are not conducted in fiat currency, so national law is not harmed.
Zebpay, a bitcoin exchange has been active for a long time. They have permission to operate in the market, and they succeed! Thus, if projects such as Indicoin and Zebpay are able to establish a platform and attract their customers, creating deep awareness, it will catalyze investment in cryptocurrencies soon.
Now, if you visit bitcointalk and try to find the rules in India, you will notice the comments of experts, with all the highs containing the motivation to continue trading cryptocurrencies.
Of course, India is not such a communist country as 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 that the potential is contained in cryptocurrencies, and it will certainly raise the economic basis for the common man.
The rules are already in place, the framework will soon take effect as soon as the committee decides on the rules to be set. Whatever the regulations, one is sure that trade will not stop, and projects like Indicoin and others will create a lot of agitation in the market. So I think everyone needs to buckle up and prepare to witness a whole new era of virtual currencies and digitization. It will be all different and better, right?