Cryptocurrency Exchange Issue In India
Hello friends! Today I am going to discuss the cryptocurrency exchange Issue in India. Let’s go back in 2017 when Bitcoin was on its hype.
Bitcoin price was almost 19000$ (7,25,92,12,158 INR) on 19 December 2017 As per Coinmarketcap Data. I have attached the link for reference.
Since that time the cryptocurrency exchange issue is a more complicated problem in India.
Actually, Bitcoin and all other cryptocurrency exchange related cases are in the supreme court. But still, waiting for the decision as we are not on a final decision.
But there are so many things related to a cryptocurrency exchange and other aspects we are necessary to discuss here.
So I am explaining all things clearly, as there may be so many questions in your mind like is Cryptocurrency legal in India? Is cryptocurrency trading is legal? Why Unocoin cryptocurrency ATM machined was banned if cryptocurrency exchange is legal?
Is Cryptocurrency Exchange And Trading Legal in India?
If I have to clear this in simple words then my answer is yes. The cryptocurrency exchange is legal in India. But the government didn’t take the responsibility of the decentralized assets.
The main thing we need to understand is that cryptocurrency is not proved illegal in India till date. Many authorities are trying banned appeal for it.
In India, only Banks and some other financial services are asked to stop all transaction related to cryptocurrency until The Supreme Court decision.
Still, people can trade Crypto to crypto. And almost all crypto lover are doing cryptocurrency trading in India. So cryptocurrency trading is legal in India.
There were few platforms already working in India like Zabpay. Zabpay is a cryptocurrency exchange. You can buy and sell cryptocurrency legally with Zabpay in India. Recently Zabpay has stopped new registrations.
Cryptocurrency Exchange Issue In India Solution
Actually, for anything to be operated in any country we need Law and technology. The Indian government is trying to accept technology(blockchain technology).
Andhra government released many positive signals to implement the private blockchain technology in banks.
But there is no Law regarding cryptocurrency and legal authorities are working on it since 2017. Once the law will be prepared this technology will be available to all.
So have to wait until the law procedure. Actually, the government is working with all aspects and we will see a positive signal soon.
Government can’t deny as it has to face huge loss without law because people are doing trading with or without law and it can’t be stopped because other countries allow it.
So I hope everything is clear from the cryptocurrency exchange issue in India. Exchange is legal in India. But due to law issue, we can not transfer any crypto related payment to our banks.
As I stated earlier banks are asked to hold the cryptocurrency payment. But the positive thing is that our government is focussing on digitalization.
Our prime Minister Mr. Narendra Modi wants to fulfill his Digital India dream. And also we are getting success in this field.
People are getting aware and soon we will understand the importance of the digital platform. We will make a law soon and cryptocurrency will be regulated officially.