Legal Status Of Virtual Currencies / Cryptocurrencies In India

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The legality of cryptocurrencies has been one of the main concerns in India. This has kept many investors in a position where people think that investing in cryptocurrencies could put them in trouble or even make them lose their money. This is a hoax because investors are participating in this excellent process of multiplying money for quite a long time.

If we keep the ponzi MLM-based projects in India or around the world aside and choose crypto-currencies wisely, there is certainly no problem as such. Nevertheless, for those who are still worried about this dynamic market to come, I will try to cover all aspects of the legalization of cryptocurrencies in India.

While China has already banned the negotiation of cryptocurrency to develop a regulation, Japan has taken the first step to regulate these currencies. The United States and Australia are already putting in place guidelines to regulate as quickly as possible.

Fintech Valley Vizag, the flagship initiative of the Government of Andhra Pradesh, JA Chowdary, IT consultant to the CM, is helping to create a strong foundation for Indians to evolve and evolve. to adopt blockchain technology. Plans are also underway to open schools to teach blockchain to the younger generation. So when this level of strategy is developed and implemented, you can understand that the country is hosting the blockchain and the projects that flow from it. Clearly, cryptocurrencies will soon be regulated.

At a fintech conference hosted by KPMG, RBI Executive Director Sudarshan Sen said, "We currently have a group of people who are studying cryptocurrency, something that is an alternative to the rupee. Indian, so to speak, a little closer. " that RBI takes no responsibility for investors who opt for cryptocurrencies. While the Indian government is monitoring the national growth of cryptocurrency with a mixture of apprehension and intrigue, local startups are paving the way for the incorporation of bitcoin and other crypto-currencies into Canada's lofty digital ambitions. India. If you look closely, you will find that various encryption projects are already operating on the market, such as Indicoin (a cryptocurrency) and Zebpay (a bitcoin exchange).

In particular, Indicoin has just completed its presale and ICO has successfully sold more than 95% of the total available chips. The figure clearly indicates that investors not only from India but from around the world have shown considerable support for the project. Indicoin is going to be traded on HitBTC and various other major stock exchanges in the world. Thus, even if the regulation takes time to enter, investors can negotiate with Indicoins. The transactions are not in fiduciary currency, so there is no damage to the national legislation as such.

Zebpay, a bitcoin exchange has been active for a long time. They have permission to operate on the market and they are doing very well! Thus, if projects like Indicoin and Zebpay can define a platform and attract the attention of their customers by sensitizing them, this will catalyze investments in cryptocurrencies in the coming times.

Now, if you visit bitcointalk and try to find a regulation in India, you will notice the comments of the experts, on all the maximum contains the motivation to continue to trade in cryptocurrency.

Of course, India is not a communist country like China where only one regime decides the fortune of the country. It is a democratic country and if the whole system accepts cryptocurrencies, the government can not deny it. We all know that the potential of crypto-currencies is undeniable and that it will certainly raise the economic base of the common man.

The regulation is at the door, the framework will soon come into effect once the committee has decided the standards to be defined. Whatever the regulation, one thing is certain, the exchange will not stop and projects like Indicoin and others will create a hype on the market. So I think everyone should get attached and prepare to witness the new era of virtual currency and digitization. It's going to be all different and better, right?


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