Legal status of virtual currencies / cryptocurrencies in India

The legitimacy of cryptocurrencies has been a major concern in India. It has kept many investors afloat because people believe that investing in cryptocurrencies can cause problems or even cause them to lose money. That’s a hoax, as investors have been involved in this great process of multiplying money for quite some time.

If we ignore ponzi MLM-based projects in India or in the world and choose cryptocurrencies wisely, there is certainly no such problem. Still, for those who are concerned about the coming lively market, I will try to cover all aspects of the legalization of cryptocurrencies in India.

If China has banned cryptocurrency trading to invent with the regulations already in place, Japan took the first initiative to regulate those currencies. The US and Australia are already setting rules to regulate as soon as possible.

Fintech Valley Vizag, a leading initiative of the Government of Andhra Pradesh, is JA Chowdary, an IT consultant at CM. The Indians are involved in creating a solid foundation for the evolution and acquisition of blockchain technology. Plans are also being made to open schools to teach the younger generation blockchain. So when this level of strategy is being done and implemented, you can understand that countries are a blockchain and projects based on that are welcome. Certainly, cryptocurrencies will be regulated soon.

At a fintech event held by KPMG, RBI executive director Sudarshan Sen said “Right now we have a group of people looking at cryptocurrencies. It is something that is an alternative to the Indian rupee, so to speak. We are looking at that more closely.” Statements that the RBI will not take responsibility for investors seeking cryptocurrencies have been released as the Indian government sees the growth of the domestic cryptocurrency and with a mixture of intrigue, local startups are leading bitcoin and other cryptocurrencies into major digital intentions in India. If you look closely, you will see that several crypto projects are already operating in the market Indicoin (cryptocurrency) and Zebpay (bitcoin exchange).

In particular, Indicoin has successfully completed and pre-sold and has sold more than 95% of all available tokens. The picture clearly shows that investors from all over India but around the world have shown great support for the project. Indicoin will be traded on HitBTC and other major exchanges around the world. So even if the regulations take some time, investors can trade with Indicoins. Transactions are not in a trusted currency, so there is no harm in national law.

Zebpay, bitcoin exchange has been active for a long time. They are allowed to operate in the market and they have done a great job! So projects like Indicoin and Zebpay can set up a platform and attract customers by creating a strong awareness, which will catalyze cryptocurrency investments in the future.

Now if you visit bitcointalk and try to find regulations in India, you will notice the comments of the experts, at most it has the motivation to continue trading in cryptocurrencies.

India, of course, is not a communist country like China, as the only regime decides the country’s fortune. It is a democratic country and if the whole system supports cryptocurrencies, the government cannot deny that. We all know what potential there is in cryptocurrencies and it will certainly raise the economic foundations of ordinary man.

The regulations are on the doorstep, soon the framework will be effective when the committee decides the rules to be established. Whatever the regulations, one thing is for sure that the negotiation will not be interrupted and projects like Indicoin and others will create a huge uproar in the market. So I think everyone should be ready to witness the whole new era of virtual currencies and digitization. It will be different and better, right?