Main Indian Bitcoin and cryptocurrencies exchange Zebpay has noted that the Indian government committee has ruled in desire of regulating Bitcoin. However, the Inter-Disciplinary Committee within India’s Ministry of Finance was actively investigating the legal status of Bitcoin and thinking about the opportunity of regulating the marketplace.
During the last three years, the huge three Indian Bitcoin exchanges such as Zebpay, Coinsecure and Unocoin operated with self-regulated buying and selling systems with strict know your customer and anti-money laundering polices in place, in spite of the lack of regulations within the cryptocurrency business and marketplace.
The efforts of the Bitcoin exchanges in India to self-regulate the marketplace allowed the Indian authorities to rethink the Bitcoin and cryptocurrency sectors, irrespective of the criticisms via several politicians that considerably lack information in cryptocurrency. However, Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme.
In a letter to the Finance Ministry and the Reserve bank of India, Somaiya said that Bitcoin is a pyramid Ponzi-kind scheme. However, Somaiya was criticized for his lack of ability to recognize the structural and essential difference between a Ponzi scheme and Bitcoin.
Despite the bad attitude of some politicians, the Indian authorities has come to a decision to modify the marketplace and offer an even gambling area for Bitcoin exchanges which have allocated a huge quantity of assets to standardize the marketplace and cryptocurrency business. Mohit Kalra, chief executive officer of Coinsecure, one of the biggest Bitcoin exchanges in India, noted that the Indian authorities has eventually began to take Bitcoin significantly and are thinking about the opportunity of regulating the marketplace.
Mohit Kalra stated:
“Eventually, something nice for the industry. Government are actually taking this technology critically. We have been looking to get their attention for years now. I’m happy it’s all taking place on the right time. At Coinsecure, we are seeing a huge growth within the variety of customers and volumes. We’re positive with what’s going to occur in these coming three months.”
On June 20, CNBC India introduced that the Indian authorities committee has ruled in want of regulating Bitcoin and is organizing a task force to create numerous regulatory frameworks with the purpose of absolutely legalizing Bitcoin within the short-term.
Before the statement of the Indian authorities, Chris Burniske noted that the buying and selling volumes in India have been growing. Burniske formerly revealed that the Indian Bitcoin exchange marketplace is liable for processing around eleven percent of Bitcoin and United stated dollar trades. The legalization of Bitcoin in India is anticipated to further growth exchange volumes and Bitcoin activities in India by great margins.