What to Say for Cryptocurrency legal or illegal?

What to Say for Cryptocurrency legal or illegal? In India CRYPTO has come into highlights; markets are flourishing as retail investors are becoming building blocks for this market. I think perhaps India is having 10million plus CRYPTO INVESTORS who are increasing day by day.

Many Indians are in support of Cryptocurrencies, but many more of Indians are in doubt with this currency system. As Cryptocurrencies are unregulated so they are being confused by the people for being Illegal.

As a matter of fact as they are not regulated so their operations can’t be governed, but they can be bought and sell and traded by anyone. Government is in search of such regulations, where CoinSwitch Kuber one of the famous CRYPTO Exchange has proved to be a boom for the government as well as the investors to join, thereby making thorough KYC check for every investor and so self regulating themselves.

Banning of Cryptocurrency; Was that so?

Cryptocurrencies was at boom in India in 2017, retail investors were taking advantage of trading with them. But at the same time many of tech savvy people were misusing it.  So as to avoid the misuse of Cryptocurrency government took necessary steps which were essential to cure this problem. 

For the same, The Finance Ministry said that Government is not considering Cryptocurrencies as legal coin and would put essential check on it being used as asset in financing or in payment system wrongly. For his Blockchain technology would be used so as to assure Digital Economy.

But the most important point which you must pay attention is government was not against the technology but they took all necessary steps so as to avoid its misuse.

The Finance Ministry never were of the view that selling or buying or trading Cryptocurrencies would be banned. They only focused on the aspect that this could not be misused for financing activities which were not legal.This was a corrective measure for a good cryptosystem. They were also not of the view that Crypto wasn’t an asset…they only banned it for buying and selling things so as to avoid its misuse.

As many of the Indians didn’t go through the details of what government was trying to say by imposing restrictions on Cryptocurrency so they got confused with its usage.

Steps Taken By Government

Indian authorities had to again think over their decision about Crpytocurrency as U.S, Singapore, etc countries were experiencing improvement in their currency tradings.

Therefore, as a result the Supreme Court of India had to take off RBI’s circular which was issued in 2018, due to this various leading banks as ICICI Bank, HDFC Bank, Yes Bank, SBI Bank had to restart their transactions with Cryptocurrency.

To this NASSCOM was also of the view that instead of banning #Tech a risk based system of rules should be developed so as to govern Cryptocurrencies and tokens.

After few months in involvement of trading with Cryptocurrency, India made its place in the equity market which was lowering down. Investments got hike in this market and due to this government proclaimed new bill pertaining to Crypto.

But before the bill was to be presented, people have outlooked it as unfavourable for cryptocurrencies. To this, the Finance Ministry was of the view that they were not closing every aspect for people for experimenting on Bitcoins, Blockchain or Cryptocurrency. The ministry was of the view that it is added advantage for India as Fintech depends on such experiments, where Blockchain is wider aspect. Many Fintech companies had grown due to such experiments, even at State level larger amount of work was been done.

So the Finance Ministry was in favor of Cryptocurrencies and were thinking to spend longer time on it as well as develop a framework for it.

Crux 

In the beginning countries who had regulated Cryptocurrency have gone through the same scenario as India did and had found it exception to adopt, but to go with the flow of technological advancements, they adopted Cryptocurrencies eventually.

Indians on the other hand, got growth due to adaption of such technology advancement as investments in Cryptocurrencies as Bitcoin gave larger exponential returns. Many Indians were booming due the use of CoinDCX platform they were using for trading and investments. Cause of this, sudden shift could be found in Crypto investors in India.