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. Best way to get currencies in Cryptocurrency world
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).