Legal status of virtual currency / cryptocurrency in India

The legitimacy of cryptocurrency is a major concern in India. This puts many investors on a side where people think that investing in cryptocurrencies can get them into trouble or they can lose their money. This is totally a hoax because investors have been involved in this great money multiplication process for quite some time.

If we put aside MLM based projects in India or the world and we choose cryptocurrencies wisely, there is definitely no problem. Nevertheless, for those who are still worried about this impending vibrant market, I will try to cover all aspects of the legalization of cryptocurrency in India.

Although China has already banned cryptocurrency trading to create regulations, Japan has taken the first initiative to regulate these currencies. The United States and Australia are already setting guidelines for regulation as soon as possible.

Fintech Valley Vizag, the flagship initiative of the Andhra Pradesh government, JA Chowdhury, who is the IT advisor to the Chief Minister, is involved in laying a solid foundation for Indians to develop and adopt blockchain technology. There are also plans to open schools to teach blockchain to the younger generation. So, when strategies at this level are being created and implemented, you will understand that the country welcomes blockchain and projects based on it. Of course, cryptocurrencies will soon be regulated

Speaking at a fintech event at KPMG, RBI Executive Director Sudarshan Sen said, “Right now, we have a group of people who are looking at the Fiat cryptocurrency – something that is an alternative to the Indian rupee. We are looking at it. The RBI will not take any responsibility for investors. As the Indian government sees the internal growth of cryptocurrency in a mixture of fear and conspiracy, local startups are leading the way in including Bitcoin and other cryptocurrencies in India’s high digital ambitions. If you look closely, you will see that various crypto schemes are already working in the market such as Indicoin (a cryptocurrency) and Zebpay (a bitcoin exchange).

In particular, Indicoin successfully completed their Presell and ICO and sold more than 95% of the total available tokens. The figure clearly shows that investors from all over the world, not just from India, have shown huge support for this project. Indicoin is going to be traded on HitBTC and other major exchanges worldwide So, even if the regulations take some time to come, investors can trade with Indicoins. The transactions are not in Fiat currency so there is no harm in national law.

Zebpay, a bitcoin exchange has been active for a long time. They are allowed to work in the market and they are doing great! So, if projects like Indicoin and Zebpay can create a platform and attract their customers, it will catalyze investment in cryptocurrency in the near future.

Now if you go to bitcointalk and try to find regulations in India, you will notice expert comments, most cryptocurrencies have the motivation to continue trading.

India is certainly not a communist country like China where only one regime determines the fate of the country. It is a democratic country and if the whole system welcomes cryptocurrencies, the government cannot deny it. We all know what the potential is in cryptocurrency and it is certainly going to increase the economic base of the common man.

Regulations are at the door, the structure will come into effect soon after the committee sets the rules. Whatever the regulations, one thing is for sure, trading will not stop and Indicoin and other projects are going to create a great buzz in the market. So, I think everyone should come together and be ready to witness a whole new era of virtual currency and digitization. It’s all going to be different and better, isn’t it?