If you have ever experienced trading with cryptocurrency, you know that it is an amazing way to achieve profit and save money. The cryptocurrency was introduced in India a long time ago and it is still debatable to say whether it is legal or not.
Cryptocurrency is not legal in India and even if people can trade it, the Indian government has restricted a lot of things that make it hard to trade for Indians. There have been a lot of debates about whether trading cryptocurrency is a good decision or a bad one and we are looking forward to putting an end to the discussion this 2021. We hope this discussion ends with the acceptance of all the citizens and allows people to trade if they follow the mentioned regulations and laws.
Trading has its own demerits as well, trading can lead to fraud which will result in loss of money, it can also result in terrorist funding, etc. A popular kind of Cryptocurrency includes Bitcoin, which was very much preferred by the population as they started investing it and trading in an undefined sector. Trading has led to people becoming crorepatis and also trading has made people lose all their money and left them nothing better than a beggar.
Let us hope for the Supreme Court to take the correct decision when passing the bill. The exceptions are not that difficult and are quite easy to follow. Cryptocurrencies are not being banned in India but only some regulations are being attached to them. If you follow all the mentioned regulations, restrictions, and exceptions with honor you are free to use cryptocurrencies and trade them as well. (If the bill mentions that trading is legal only then.)
Rules on Cryptocurrency in India
It has come to know that the Indian government will soon introduce a legal law bill that will contain certain exceptions to restrict the trading of Cryptocurrency. Those who wish to trade will need to issue a digital framework from the Reserve Bank of India. The future sits in a way that neither has Cryptocurrency been legalised and nor it is banned or stopped. Some restrictions and exceptions have been introduced to the citizens so they work accordingly. There are numerous cryptocurrencies like bitcoin, litecoin, ethereum, ripple, stellar, NEO, etc and all have been in action in the Indian trading market.
The Reserve Bank of India is specialised in dealing with the trade of Cryptocurrency in India but the Supreme Court has introduced some restrictions to it as well. This will begin by March 2021. The bill will introduce another law that states that all private Cryptocurrencies are prohibited and a person can use technological Cryptocurrency instead. Up to this day, cryptocurrencies are still illegal in some countries which is quite sad because they have a lot of merits and only a few demerits.
It is sad to inform the traders that you find it might get difficult to trade Cryptocurrency in 2021. We see a small hope for the traders. The Supreme Court has highlighted the fact that one needs to issue a framework of paperwork that allows trading from the Reserve Bank of India. We are not yet sure about the time period. The Supreme Court has also highlighted the fraud of Rupees 2000 crores that happened in 2019 with the Reserve Bank of India due to trading of Bitcoin.
The Chinese government took a step in 2019 where they prohibited the trading of cryptocurrency and also introduced their citizens with a “Digital Rupee” step which is very much similar to what the Indian government did. The government of China also put a ban on virtual currency and is planning on introducing their citizens with their own brand new digital currency. The Chinese population was very happy upon hearing the news and reacted positively to it.
Cryptocurrency in various Countries
There are different countries that have legalised the trading of Cryptocurrency like Japan, etc. If we take a look at Canada, it allows the trading of Cryptocurrency but does not treat virtual currency as a valid trading method. Many countries are starting to legalise the trading of this kind of Cryptocurrency while on the darker side, some are denying it as well.
Cryptocurrency has its own merits and demerits and the government of a company works by keeping both in mind. Everyone has a different perspective thus different decisions. These examples give us an idea of how different governments work for the betterment of their countries.
There have also been certain misconceptions stating that Cryptocurrencies are only used for illegal human trafficking, fraud, etc which is only a half-truth. Cryptocurrencies can be invested for a good cause as well. It does not always mean that Cryptocurrencies are used for a bad cause. Moreover, Cryptocurrencies have updated and have become much more transparent than before thus allowing people to have an idea of what is bad and what is good.
There are numerous ways a government takes in order to protect its citizens and the honorable Supreme Court must have thought of this very thoroughly before taking any decision. We should follow the new bill that is yet to be passed and should not perform any illegal activity. Moreover, there is still a ray of hope shining for the legal use of technological cryptocurrencies so stay tuned for that as well.
When talking about the Indian government, It is still debating on whether to introduce the “Digital Rupee” step the way China did or not because the Indian population can react negatively as well as positively to it. The government wants to work to provide the best for their citizens and is still not sure if they will be putting a ban on virtual currency or not.
This also gives raises the issue of why India does not allow digital currencies the way other countries have done. It is in the hand of the legislative assembly whether they wish to ban cryptocurrencies or not and we can be sure they will do what is best for us.