Cryptocurrency in India has become a very unclear and unpredictable market with numerous scams exploding up one after another in the marketplace. It’s all gloomy for Bitcoin and cryptocurrencies overall due to the boost in market exchange. Irrespective, India’s cryptocurrency exchange volumes have been on the increase at least four million active traders in India, transacting through controlled banking channels.
The decision of the Reserve Bank of India’s to block banks and non-banking monetary companies from requiring any links to firms dealing in cryptocurrencies could lead to millions, if not billions of dollars leaving the country. It seems that the government is taking arbitrary decisions on such big area without seeing all the features. Also, this is not this case just with Indian Banks.
However, despite numerous interruptions placed be it by the Reserve Bank of India (RBI) or central government cryptocurrencies remains to capture the mind of many people across India. The central bank of India has been thinking of eliminating cryptocurrency businesses by requesting banks to sever ties with them however, it seems they don’t have a similar plan for scams. However, the government of India is not banning cryptocurrency but it has planned to regulate it in order to protect its citizens from the extreme price volatility.
Cryptocurrency In India
It is worth noting that at present, the Indian government has not taken a definite stand on regulating virtual currencies. Cryptocurrency in India trading and ICOs is not currently banned in India. But at the same time, the absence of controlling authorization means that a considerable amount of the business is conducted underground making investors and traders susceptible to fraud, according to The Next Web.
India has undertaken its own tactics when it comes to regulating cryptocurrencies as cryptocurrency regulations are far from perfect. The idea behind was to make banking safer for customs by avoiding money laundering and frauds. Things look brighter as top firms believe in Bitcoin exchange traded-product and advantages are linked to the actual execution and right application.