Legal status of virtual currency/cryptocurrency in India

The legality of cryptocurrency has always been one of the main concerns in India. It puts many investors on the side of people who believe that investing in cryptocurrencies may cause them trouble or even lose money. This is totally a scam, because investors have been involved in this excellent currency multiplication process for a long time.

If we put aside projects based on Ponzi MLM in India or the world and choose cryptocurrencies wisely, then such problems will never arise. Nevertheless, for those who are still worried about the upcoming vibrant market, I will try to cover all aspects of the legalization of cryptocurrencies in India.

Although China has introduced regulations banning cryptocurrency trading, Japan has taken the lead in regulating these currencies. The United States and Australia are already formulating guidelines to implement regulation as soon as possible.

Fintech Valley Vizag is the flagship program of the Andhra Pradesh government. As an IT consultant of CM, JA Chowdary participated in laying a solid foundation for the development and adoption of blockchain technology by Indians. There are also plans to open schools to teach blockchain to the younger generation. Therefore, when formulating and implementing this level of strategy, you can understand that the country is welcoming blockchain and blockchain-based projects. Of course, cryptocurrencies will soon be regulated.

Sudarshan Sen, executive director of RBI, said at a fintech event organized by KPMG: “Now, we have a group of people studying fiat cryptocurrency. It can be said that it is an alternative to the Indian rupee. We are studying it closer.” The issued statement stated that RBI will not be liable for investors purchasing cryptocurrencies. As the Indian government focuses on the domestic growth of cryptocurrencies with a mix of worries and conspiracies, local startups are leading the way to incorporate Bitcoin and other cryptocurrencies into India’s noble digital ambitions. If you look closely, you will find that there are already various crypto projects on the market, such as Indicoin (a cryptocurrency) and Zebpay (a bitcoin exchange).

In particular, Indicoin has just successfully completed the pre-sale and ICO, and sold more than 95% of the available tokens. This figure clearly shows that investors not only from India, but also from all over the world have expressed great support for the project. Indicoin will be traded on HitBTC and various other major exchanges around the world. Therefore, even if the regulations take some time to be introduced, investors can still trade with Indicoins. The transaction is not carried out in legal tender, so it will not cause harm to national laws.

Zebpay, a Bitcoin exchange has been active for a long time. They have obtained permission to operate in the market, and they have been doing very well! Therefore, if projects like Indicoin and Zebpay can build a platform and attract their customers to create a good reputation, this will promote future investment in cryptocurrencies.

Now, if you visit bitcointalk and try to find regulations in India, you will notice expert comments, the biggest of which contains the motivation to continue cryptocurrency transactions.

India is certainly not a communist country like China where only one regime determines the country’s destiny. This is a democratic country. If the entire system welcomes cryptocurrency, the government cannot deny this. All of us know what potential exists in cryptocurrency, and it will definitely improve the economic foundation of ordinary people.

Regulations are about to be introduced, and once the committee decides on the norms that must be developed, the framework will take effect soon. Regardless of the regulations, one thing is to ensure that transactions will not stop, and projects like Indicoin and other projects will be hyped in the market. Therefore, I think everyone should wear a seat belt and be ready to witness a new era of virtual currency and digitization. Everything will be different and better, right?