The cryptocurrency space has experienced widespread adoption and has also experienced the downsides, where many countries in the world are speculative about cryptocurrencies and hence have taken a firm stance to ban it. The government of various countries are highly optimistic and have a broader mindset to view the blockchain as well as cryptocurrencies but some countries try to monetize the cryptocurrencies in order to earn some profits through the booming technology. The cryptocurrencies, however, have spurred a number of other important domains like Initial Coin Offering, Cryptocurrency discussion forums, cryptocurrency based events, etc. If you haven’t still heard or know a little bit about cryptocurrencies, then you are certainly missing a major revolution of the decade. Let us see the currency scenario of cryptocurrency in India.
Most recently the time frame that was provided to all the financial bodies working under the Reserve Bank of India, all the operations of cryptocurrency in India had come to an end after which none of them were allowed to provide cryptocurrency based services to neither businesses or individual customers. The Government of India had undertaken such an extreme step with respect to the booming technology and cryptocurrency in India, doesn’t seem to be justifiable as the cryptocurrencies incentivize the financial ecosystem itself, as the cryptocurrency in India was a huge part of people’s life.
Due to the ban of cryptocurrency in India, Over The Counter trading platforms like Localbitcoins.com experienced a huge surge, as it had become highly challenging for the customers to undertake transactions with cryptocurrencies. However, this adverse step taken with respect to cryptocurrency in India would undoubtedly bring speculations within the minds of people and once again India would be left behind, similar to the Dotcom bubble this would result in huge amounts of brain drain within the country.
however, positive steps have been taken with respect to the cryptocurrency in India by the Central Bank of India, as a Special unit have been assigned to keep track of all the happenings of cryptocurrency in India. The members of the unit are highly experienced and are expected to draft rules, research for cryptocurrency in India and also take future decisions with respect to the development of cryptocurrency in India. The experts within the community would also be tracking the Artificial Intelligence along with Blockchain technology simultaneously.
Also, the Law Commission Of India has put forth its now before the Government and stated that the cryptocurrencies in India must be made available for all the online Bitcoin gambling purposes. Precisely in its 276th report Law Commission of India reported to the Union Minister of Law and Justice, Mr. Ravi Shankar Prasad, who also seems to be highly supportive for this decision. The decision is precisely favored because the ban of the gambling industry within the country had resulted in a spike of illegal gambling as well as circulation of the black money. the committee also makes it very clear that all the gambling transactions would be linked to the individuals Aadhar Card identity which would enable them to track, the flow of cryptocurrency in India.
Also an interdisciplinary committee was founded in November 2017 which consisted experts from various financial problems such as Ministry of Electronics and Information Technology, Department of Economic Affairs, Department of Financial Services, Department of Revenue (CBDT), Ministry of Home Affairs, NITI Aayog, State Bank of India, and Reserve Bank of India. it was a predominantly formed in order to develop the regulatory framework of the cryptocurrency in India. The committee precisely consists of 10 members and is headed by Subhas Chandra Garg who is the Secretary, Department of Economic Affairs. According to rumors, it has been speculated that the committee has already submitted its report with respect to the regulatory framework of cryptocurrency in India, but the draft is yet to be finalized by the deciding authority
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