Virtual Currency / Legal Status of Cryptocurrencies in India

The legitimacy of cryptocurrency is one of the major concerns in India. This puts many investors on the side where people think that investing in cryptocurrencies could get them into trouble or they could even lose their money. This is totally deceptive because investors have long been involved in the multiplication of this great money.

If we put aside Panji MLM based projects in India or the world and we choose cryptocurrencies wisely, there is certainly no problem like this. Nevertheless, for those who are still concerned about this impending vibrant market, I will try to cover all aspects of the legalization of cryptocurrencies in India.

Although China has already banned cryptocurrency trading to bring in regulations, Japan was the first to take control of these currencies. The USA and Australia are already setting up guidelines for regulation as soon as possible.

Fintech Valley Vizag, a major initiative of the Andhra Pradesh government, is involved in laying a solid foundation for Indians to innovate and adopt blockchain technology by JA Chowdhury, IT Advisor to the Prime Minister. There are also plans to open schools to teach blockchain to the younger generation. So, when strategies at this level are being created and applied, you will understand that the country welcomes blockchain and projects based on it. Of course cryptocurrencies are also going to be regulated soon.

Speaking at a fintech event at KPMG, RBI Executive Director Sudarshan Sen said, “Right now we have a group of people who are looking at the Fiat cryptocurrency. The statement said the RBI would not take any responsibility for investors in cryptocurrency. As the Indian government sees the internal growth of cryptocurrencies as a mixture of fears and conspiracies, local startups are moving towards incorporating Bitcoin and other cryptocurrencies into India’s higher digital ambitions. If you look closely, you will see that various crypto projects like Indiccoin (a cryptocurrency) and ZebPay (Bitcoin Exchange) are already working in the market.

In particular, Indicoin has just successfully completed their Presel and ICO and sold more than 95% of the total available tokens. The figure clearly indicates that investors have shown huge support for the project not only from India, but from all over the world. Indicain is going to be traded on HitBTC and various other major exchanges worldwide. So, investors can trade Indicoin even if the regulations take some time to come. The transactions are not in Fiat currency so there is no loss of national law.

In JBP, a bitcoin exchange has been active for a long time. They are allowed to work in the market and they are doing great! So, if projects like Indiccoin and ZebPay can set up a platform and attract their customers to create appropriate awareness, it will catalyze investment in cryptocurrency in the future.

Now if you go to Bitcoin and try to find regulations in India, you will notice the comments of the experts, above all there is the motivation to continue in the business of cryptocurrency.

India is certainly not a communist country like China where only one government decides the fate of this country. It is a democratic country and if the whole system welcomes cryptocurrency, the government cannot deny it. We all know what the potential is in cryptocurrencies and it will certainly boost the economic base of the common man.

The regulations have been laid down, the structure will come into effect soon after the committee decides on the rules to be laid down. Regardless of the regulations, one thing is for sure, trading is not stopping and projects like Indiccoin and others are going to create great hype in the market. So, I think everyone should be prepared to witness a whole new era of virtual currency and digitization. It’s all going to be different and better, isn’t it?