Crypto News Flash #34 : India's Central Bank Warns Indian Traders Third Time For Trading/Investing In Cryptocurrencies | Will India Become A Ripe Ground For Cryptocurrencies ?
On one hand Bitcoin is making new ATH every day, destroying all the negative thoughts of people regarding cryptocurrencies while on the other hand, Indian Central Bank (Reserve Bank Of India) is continuously warning their traders/investors not to trade/invest in cryptocurrencies.
If we look at the market statistics, Bitcoin market capitalisation is over $215 Billion which is even more than many large companies in India itself. After the widespread popularity as well as upcoming start of Bitcoin Futures by CME group, more and more investors are heading towards Bitcoin.
But by the looks of it, India doesn't share people's opinion when it comes to legalizing Bitcoin. While India haven't legalized cryptocurrencies yet, it remains very cautious when it comes crypto investment.
In a press release, RBI has released this statement:
In the wake of significant spurt in the valuation of many VCs and rapid growth in Initial Coin Offerings (ICOs), RBI reiterates the concerns conveyed in the earlier press releases.
Back in year 2013 and 2017, India already warned Indian traders/investors about the high risk of cryptocurrencies. It had clarified that no entity has given any authorisation to operate within crypto verse, so all the risk related to cryptocurrencies will always be bear by default.
India -- A Ripe Ground For Cryptocurrencies
After all those government legislation and warnings, Indian people are still investing in Bitcoin with full enthusiasm.
If we compare with other countries, Indians still holds significantly lower volume in crypto investment but as a whole the numbers are growing exponentially as we speak.
Zebpay, the leading crypto exchange in India, is gaining 500k users/month as more and more people are investing in Bitcoin to gain some upcoming profit.
India is the largest consumer of Gold but if we look at the returns of cryptocurrencies, they are far better than Gold for sure and thats why people are investing in Cryptocurrencies leaving aside all the other financial instruments .
In potential future, it could be said that India might turned out to be Ripe ground for cryptocurrencies.
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The future belongs to India.
Don't forget many of Indian banks themselves are now developing their own blockchain technology. These banks and other companies do realise the importance of blockchain and will definitely be more open to cryptocurrency.
http://www.bankchain.org.in/members.php
In other hand the Government may ban the cryptocurrency for the fear of money laundering.
If indian exchanges allow other cryptocurrencies on their platform, then we will see huge number of users. It will help these currencies to reach in mainstream
Anyway, governments all over the world are starting thinkin about crypto... Who knows how it will end...