Crypto Regulation and its Positive Impact in India
India is one of the countries that have stopped banking support for cryptocurrencies for almost 1.5 years and this was a period when the crypto community suffered a lot. 4 March 2020 what is the historical day for crypto Community in India and this was the day for the community was waiting for since April 2018.
While banking ban was going on exchanges like Zebpay and Koinex had stopped their operations because of fo reduction in the transactions and active users. Though Zebay is back in the game post the court announcement and providing buy/sell and wallet services like other exchanges however there is no information about kleenex if they are going to come back. Koinex was the first exchange where I made my first ever crypto transaction and they were innovative at that time so its obvious that I won't forget the exchange as I always had a great experience with them.
With this positive move by the court, Indians can easily enter in the crypto market and it has opened the door for more investors and traders in the country.
If the government brings regulation in cryptocurrency then it will enable many start-ups to come in and introduce innovative services and applications. This will help more users to be part of crypto and start trading in this instrument. There is also a possibility that if regulation comes in place then it can be considered as an instrument of investment like the stock market however it can be put in the high-risk category. This category should not be a problem because there are many investors who look for this type of category I am not happy with the current setup of an investment option
In my opinion, if Cryptocurrencies gets regulated in the country then we can see the following-
- More Tech-startups will start and it will lead to more technological development.
- New Exchanges will get launched which creature competition and the fee will reduce with best of class service to users.
- More Opportunities for Entrepreneurs and more employment.
- There would be training sessions for users to learn about this way they would be able to create an account easily and trade or hold.
- Crypto market always open so even people who are working can consider it as the second working option and can trade as per their convenient time. Currently with the stock market its not feasible for many working people.
India is the biggest market for mobile phones and also have got a Hughes user base who is accessing the internet on their mobile devices. Bringing regulation will give freedom to all types of users and they can start their investment with any amount they since there would not minimum or maximum limit. It will totally depend upon their pocket and how much can they afford to invest.
Currently, India is in the list of the country where crypto is not accepted as a merchant payment option however this could become a reality with the regulations only. Many of my friends were not entering crypto because they were worried that since govt is not supporting so they might lose their funds but now they have started investing in crypto post ban removal.
This regulation is certainly not an easy thing that we can expect in a few month however with the news sources its share that govt is working on it to make it legal. The current covid-19 situation has put everything on hold and all the time, energy o the govt is being used to fight it and it might delay it further
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We hope that crypto becomes really acceptable, it cannot be used to purchase items in my country just yet.
Yes, if crypto get accepted as a payment option then it will increase the utility.
In due time, cryptocurrency will become a fully accepted medium of exchange and could be used as an investment option full time soon.
this acceptance will surely help to lead for mass adoption. lets wait for that time.
@tipu curate
Upvoted 👌 (Mana: 12/16 - need recharge?)
@tipu curate
You are actually right about this and one of the major reasons for this is actually due to their large population and their advancement in technology. Recently this year, they uplifted crypto ban making them to be part of the crypto world again.
That's a great decision by zedbay. They will surely see more users patronizing them these days.
As for kleenex, they might actually come back just like zedbay but who knows what they might be planning on right now though.
A crypto analyst once predicted that 2020 and above will surely be the years of cryptos. I heard Bitcoin is undergoing halving process currently and most analyst believe after the halving process, the crypto market will be more profitable provided coronavirus doesn't affect it then just like it is affecting it presently.
Thanks for sharing this great post with love from @hardaeborla in courtesy of @crypto.piotr and I hope you have a great day ahead ❤️💕❤️❤️💕
Hi Friend,
This line even I have gone through and waiting to see if this year would be great for crypto however covid-19 might affect it also. lets wait to see as we are still left with over 9 months of time. Thanks
Currently, India is in the list of the country where crypto is not accepted as a merchant payment option .
There are other reasons why crypto is not accepted as a merchant payment option?
This would not happen unless the regulation is in place.
Ok!! Nice.
Resteemed already. Upvote on the way :)
Dear @alokkumar121
Thanks for sharing this link with me buddy. Appreciate.
I've been always amazed to see how Indian authorities are strongly against cryptocurrencies. It looked like a pure hate. Worse than what I could see in EU or even US. I could never understand reasons behind it.
I fully understand that. However I would like to know what is current stand on accepting crypto as a store of value (instead of form of currency)?
Yours, Piotr
Hi @crypto.piotr
Currently, crypto is considered a highly violated instrument to buy and sell or store and there is no much clarity by the government on this. Good that at least they have given back the option to buy/sell using the bank. once COVID-19 ends then after a few months may we can see some update about it. Thanks.
Hello dear friend @alokkumar121, I see it from this point of view, they are steps that are being repeated around the world and that gradually bring us closer to a massive adoption of cryptography, logically the pandemic is delaying everything but we should ask ourselves if this event (COVID -19 will affect or favor encryption.
For those of us who currently use cryptocurrencies this is making confinement not so hard to carry, as we have easy access to our resources.
COVID-19 pandemic is surely making things worse and it's dragging us behind. Hope this problem gets over and we can come back to the normal soon and crypto is easy to use and carry. thanks.
For countries that today are still receptive to the use and implementation of cryptomoney, it is only necessary to give them time to change this way of thinking about the use of cryptomoney.