It has been noticed that trend of cryptocurrencies has reached the seventh sky in the entire world. Even if you talk about India, almost 7 million people have invested their $ 1 billion into cryptocurrencies. It is a considerable proportion and indicates that Indian users are also obsessed with this digital currency.
But the issue of concern is that there are not any kind of regulations issued by the government authorities regarding the smooth use of the cryptocurrencies like bitcoin. A few months ago, there was news around the internet that the Indian government is imposing a ban on bitcoins, but the Supreme court sustained the order. This is really a big challenge for the government, which is the only reason they cannot flourish the use of digital currency with hassle-free regulations.
In the month of March, the value of bitcoin crossed the mark of $65,0000, but its freefall to $40,000 in April put everyone in a shocking state. Many of the investors lose their millions in a couple of minutes, and even the new investors came into the dilemma of whether to invest in the crypto or not at Bitcoin trading bot. This all happened due to the statement of Elon Musk, who is only behind the high rise in the value of bitcoins at some moment. Now Indian investors are worried about investment because the regulations and laws regarding cryptos are back-focused, which raises the possibility of risk to the highest level. The overall thing is that the central government is not ready to have a stand on the legal status of bitcoins in the nation.
It seems that the government and central bank are confused between legalizing and banning the use of cryptocurrencies. But the government has shown a positive response, which encourages the rise in the use of digital currencies in India. It happened a couple of weeks ago when the Ministry of Corporate Affairs has made it compulsory for the organizations to provide a full-fledged report about their investments in the crypto world during the financial year. This shows hints of government analyzing the volume of trade by organizations and then setting up the regulations according to it.
Many of the researchers and experts claimed that it is a positive step which is a good thing for crypto investors, but there is no idea about the taxations rules. We can say that it is the commencement of procedure that will soon lead to smooth regulation of cryptocurrencies like bitcoins in India. Earlier everyone was in fear of losing their valuable and hard-earned money buy now they have got some relaxation after the government’s statement.
There is high use of bitcoins and other cryptocurrencies for curbing illegal activities, making government think to ban the cryptocurrencies. The bitcoins-based transactions are untraceable, which is why illicit activities are raised to a much higher level than what was happening in the past. But the use of cryptocurrencies also benefits as its use will make the entire system more transparent, which will reduce the chances of these fraudulent acts.
If any actions regarding the ban or legalizing of cryptocurrencies, there will be no immediate ban, so the users are not required to worry about the loss. Even the finance minister has revealed that they are working on experimentation with a new technology which is the only reason they are not letting in from the mind.
Everyone who is not investing in bitcoin in India because they believe it is illegal does not have complete information. They should understand that the government has not legalized bitcoin and has not made them illegal. One can have use of bitcoin and other digital currencies, but there is no structured frame that can manage the cryptocurrencies at present.
The center had thought of banning cryptocurrency at one time, but they have stepped back from the decision because of the rising trend and investment volume of bitcoins in the world. But the practices are regularly held to develop the formulations that can have a systematic framework of bitcoins among the people.
Just understand the fact that users can undoubtedly invest and trade bitcoins at the present time without getting worried about any issue.