As the global virtual currency market continues to heat up, the adoption of these cryptocurrencies continues to climb in India as well. The populace of the country seems to have figured the potential opportunities of investments in the same. It has caused such an impact that even government authorities have been pushed to reconsider its stance towards regulations dictating its exchange and security.
And from what the rumor mill suggests, the authorities are said to be reclining more in favor of the regulation of cryptocurrencies, especially the widely known Bitcoin.
If you’re unaware, the country’s Ministry of Finance had established a high-level interdisciplinary committee to examine the existing Bitcoin framework earlier in April of this very year. The committee comprised of a cohort of top-level officials from the Department of Economic Affairs, financial services, revenue (CBDT), the Ministry of Home Affairs, the Ministry of Electronics and Information Technology (MeitY), Reserve Bank of India, NITI Aayog, and even the State Bank of India.
The primary task of this high-level committee is to study the circulation, as well as current state of cryptocurrencies in the country and across the globe. They’re potentially done with their extensive studies, discussions, and debates, and now are expected to release a report of their findings by the end of July.
Now, there are several contrasting reports making rounds of the internet at this instant. Some reports bluntly deliberate that Bitcoin will not gain any legal status right now, nor anytime soon enough. Other reports, who cite prominent Bitcoin exchanges in India, suggest that the Indian government committee has ruled in favor of regulating Bitcoin.
Though we currently don’t have much information but the latest update from an industry official states:
We have had five meetings, [where] we’ve consulted all ministries, public, stakeholders, [exchanges such as Zebpay and Unocoin]. We will submit the report by July-end.
It is highly possible that the Indian government may work out regulations for the adoption of virtual currencies because of the increased interest of the country’s populace in the same. According to fresh data from Bitcoin trade analyst, Chris Burniske, the number of trades for India increased substantially and accounted for 10 percent of global cryptocurrency trade in the previous month.
— Chris Burniske (@ARKblockchain) June 15, 2017
As you can notice in the tweet attached above, India has been ranked fourth on the Bitcoin cryptocurrency trading chart and consumers traded 16,754.76 coins the past month. The populace of the country has now realized that Bitcoin can prove to be easy money, especially when the prices are soaring. It currently costs close to ₹2 lakh rupees, doubling over the past month.
And we’d say this again, it is possible to regulate the Bitcoin market if you take the example of self-regulated trading platforms like Zebpay and Unocoin, who have nabbed huge investments over the past year or so.