India, the world’s biggest democratic country and the second largest population in the world has still not decided what to do with blockchain and cryptocurrency. Also, new news is taking rounds of the internet, which brings up nothing new.
It’s been a tough year for crypto business and enthusiast in India with the Govt. of India banning all the banks to give any services to Crypto Exchanges. That came as a big blow to some of the centralised exchange, which has recently opened the shop.
Some had even stopped their services in India and moved to a different country which offers better regulations and clarity to the crypto regulations.
While some left, some took that as an advantage and also covered the gap left behind those, by bringing in what Bitcoin and Blockchain truly stand for: Decentralisation!
Companies like WazirX and Koinex has brought a new service to the public, P2P Crypto to Fiat and vice versa. This has given a new life to the crypto enthusiast in the country.
Govt. of India has only banned banks from giving service to a crypto exchange. It has not prohibited any person from holding or trading crypto. Also, it has not restricted or banned any individual in India from sending and receiving money from another person in the country. Thus, allowing the P2P crypto to fiat exchange.
The year 2019 would be a crucial one for Indians, as the election is subject to happen on Mid-2019 and there is next to zero chance to get a foundation for the crypto regulation laid down before late 2019 or early 2020.
Because bringing up a revolutionary technology at this point of time would mean both for and against people. So hold tight, hope for the best and prepare for the worst!
When do you think that crypto regulations in India would be applied? Comment below!