Cryptocurrencies’ legality was one of India’s major concerns. Many investors have stayed on one side where people think that investing in cryptocurrencies could put them in trouble or maybe even drop their own cash. This is absolutely a hoax, since the investors have been involved for some time in this excellent money multiplication process.
If in the world or maybe India we hold aside the Ponzi MLM ventures and choose cryptocurrencies wisely there are certainly no problems as such. Nonetheless, I will try to address every aspect of the legalization of cryptocurrencies in India for everyone who is still worried by this vibrant future sector.
Although China has already forbidden the exchange of cryptocurrencies from considering laws, Japan took the very first step to monitor these currencies. The United States and Australia have set the guidelines for fast regulation.
Fintech Valley Vizag, Andhra Pradesh Government’s flagship project, J A Chowdary, the IT consultant of the CM, contributes to creating a strong base for Indians to grow and accept block chain technology. Plans are also being made to open schools for the young generation to teach block chain. Then, if you now generate and execute this level of strategies, you will understand that block chain and its projects are welcome. The cryptocurrencies would certainly also soon be controlled.
Speaking at a Fintech event organised by KPMG, RBI CEO, Sudarshan Sen, said: “Right now we have a group of people looking at fiat cryptocurrency, which is an alternative to the Indian rupee. Statements were provided that RBI is not responsible for the cryptocurrencies investors. As the Indian Government observes the domestic development of cryptocurrencies with a mixture of intrigue and apprehension, local startups lead the way into the high-end digital aspirations of India in Bitcoin and other cryptocurrencies. If you see carefully, you will find that different criptoprojects act as Indicoin (a Zebpay and cryptocurrency) (cryptocurrency exchange) at present on the market.
In particular, Indicoin has just successfully finished its ICO and sold more than 95% of the tokens in total. The figure shows clearly that investors in this project have shown tremendous support not only from India but also around the world. HitBTC and other large exchanges are being traded on Indicoin worldwide. Thus investors are able to trade with Indicoins, even if the regulations take some time to be available. There is no risk to the national legislation itself. Transactions are not in fiat currencies.
Zebpay, a bitcoin exchange has been involved for a long time. They are allowed to work in the industry and they did a fantastic job! Therefore, if projects such as Zebpay and Indicoin can develop a forum and draw customers to build a strong awareness, the investments in cryptocurrencies will be catalyzed soon.
Now if you visit Bitcoin talk and try to find regulations in India, you will see the commentary of the expert, the reason for continuing the trade in cryptocurrencies is as high as possible.
Indeed, India is not a communist country like China where a law determines the nation’s resources. It’s a democratic state and the government can not dispute it if the whole system welcomes the cryptocurrencies. We all know the promise of the cryptocurrencies, and definitely the economic base of the common male would be lifted.
The rules are on the door. After the committee has agreed on the criteria, the structure will work. Whatever the rules might be, trade is unlikely to stop and the ventures are planned to make an excellent hype on the market, as Indicoin and others do. I therefore believe that everybody should get ready to live the whole new world of virtual currencies and digitization. It’s probably different and better, right?