Bitcoin has been a very controversial and popular sector, with practically most of the developed countries opting to go for it.
For a long a time, India had not given the go-ahead for the legalization of Bitcoin in India, so that it could be considered as a legit form of currency in the country.
But that might soon be changing because as per reports, the Indian govt. committee or the Ministry of Finance’s Inter-Disciplinary Committee has started an investigation on the status of Bitcoin legal and otherwise along with the possibility of market regulation.
Up until now, although available in India, Bitcoin was not considered a legal form of currency and only 3 big exchanges worked with it, namely Coinsecure, Zebpay and Unocoin who operated with self-regulated trading platforms.
This Self-Regulation Is Actually What Helped Bitcoin
It was actually these self-regulation efforts by the Bitcoin exchanges that prompted the Indian govt. to once more look at the sector of Bitcoin in India and digital currency closely.
Although Bitcoin has gotten criticism from politicians previously, one example being of Kiri Somaiya, who even wrote a letter to the Reserve Bank of India (RBI) and the Finance Ministry, explaining why Bitcoin is a pyramid Ponzi-type of scheme.
However, his arguments were brushed aside and he was critiqued for not understanding the basics of Bitcoin and how it is quite different from a Ponzi scheme.
Read More: Will Digital Payment Through Bitcoins Replace Currency & Money? Let Us Tell You All About It
But This Hasn’t Stopped Bitcoin In Its Quest
Even with the lack of support from certain politicians in the country, Bitcoin has captured the interest of the Indian govt. and finally, it seems that they have started to take it seriously.
It was announced by many news media that on June 20th the Indian govt. committee ruled in favour of Bitcoin in India and allowed regulating it. In order to do that, the govt. is putting together a task force that will create a wide range of regulatory frameworks with the end result being completely legalizing Bitcoin in the short-term.
This legalisation will in turn, even out the playing field for Bitcoin exchanges and according to certain sources is also alleged to increase the trading volumes and other Bitcoin activities in the country by a big margin.
Image Credits: Google Images
Other Recommendations:
http://edtimes.in/2017/05/foodtech-fintech-latest-trends-in-entrepreneurial-sector/
