ANOTHER SETBACK FOR INDIAN CRYPTO MARKET.

In January also the Finance Minister of India Mr. Arun Jaitely gave a statement during the Annual Budget speech that crypto assets is not a legal tender which led to a great fear in the cryptomarket. The government is taking all these steps since they have seen the use of cryptocurrency for many illegal activities and money laundering. Also, the government has seen a certain number of frauds in the space.

The news was again manipulated by media stating that crypto assets have been banned in India but the fact is that the government has not banned cryptocurrencies in India. The govt. However, have closed the gateway for investors to convert their cryptocurrency to fiat directly using certain exchanges. The government also appreciates blockchain as a technology and is planning to launch their own centralized cryptocurrency which would be regulated by banks in near future.

Having regulation in crypto space is important since this will bring belief in the crypto investors and mass adoption of the technology but the government needs to think for all the investors who are right now possessing crypto assets with them who are right now under a lot of threat and fear. Proper government-regulated exchanges must be set up in order the investors can easily buy/sell crypto assets in India.