Cryptocurrenies May Get Legalized In India But Under Strong Regulation, Suggests Report
We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon
India’s stance of Cryptocurrency
In February, the finance minister, Arun Jaitley, stated in a speech that the Indian government “does not consider cryptocurrencies as legal tender or coin”, vowing that necessary measures will be taken to “eliminate the use of these assets in financing illegitimate activities.” The central bank of India, RBI also took a similar stance and in April issued a circular that asked all banking institutions under its control to pull off all ties with cryptocurrency companies, within a three-month window. The banking ban has definitely affected cryptocurrency trading behaviors in India. To circumvent the ban, cryptocurrency exchanges have switched or introduced peer-to-peer (P2P) trading. Notably, even with uncertainity, the daily trading volumes are reportedly soared in the months following the decision. In fact, even the bear market hasn’t affected it, the CEO of a local cryptocurrency exchange, WazirX reports that record trading volumes have been recorded past few months. While the government of India is still deciding over their formal stance on the matter, the Indian crypto community remains optimistic. The next meeting of the committee is scheduled for January 2019.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.