The legalization of Bitcoin in India

in bitcoin •  7 years ago 

IMG_4491.JPG CNBC India has revealed that the Indian government committee has ruled in favor of regulating Bitcoin.

On April 14, Cointelegraph reported that the Inter-Disciplinary Committee within India’s Ministry of Finance was actively investigating the legal status of Bitcoin and considering the possibility of regulating the market.

Efforts of Indian Bitcoin exchanges
Over the past three years, the big three Indian Bitcoin exchanges including Zebpay, Coinsecure and Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.

The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.

On March 24, Cointelegraph reported that Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme.

In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin.

The legalization of Bitcoin in India
In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.

Kalra said:

“Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it's all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”

On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term.

Prior to the announcement of the Indian government, Chris Burniske, ARK Invest’s crypto lead, noted that the trading volumes in India have been on the rise. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing around 11 percent of Bitcoin-to-USD trades.

Hello #India🇮🇳 we've been expecting you! Very curious to see where this goes for #bitcoin. h/t @BKBrianKellypic.twitter.com/9uacy5GZH9

— Chris Burniske (@ARKblockchain) June 15, 2017
The legalization of Bitcoin in India is expected to further increase trading volumes and Bitcoin activities in India by significant margins.

On April 14, Cointelegraph reported that the Inter-Disciplinary Committee within India’s Ministry of Finance was actively investigating the legal status of Bitcoin and considering the possibility of regulating the market.

Efforts of Indian Bitcoin exchanges
Over the past three years, the big three Indian Bitcoin exchanges including Zebpay, Coinsecure and Unocoin operated with self-regulated trading platforms with strict Know Your Customer (KYC) and anti-money laundering systems in place, despite the lack of regulations in the digital currency industry and market.

The efforts of the Bitcoin exchanges in India to self-regulate the market allowed the Indian government to reconsider the Bitcoin and digital currency sectors, regardless of the criticisms by several politicians that significantly lack knowledge in cryptocurrency.

On March 24, Cointelegraph reported that Kirit Somaiya, a member of parliament of the ruling BJP in India, was harshly criticized for his description of Bitcoin as a Ponzi scheme.

In a letter to the Finance Ministry and the Reserve Bank of India, Somaiya explained that Bitcoin is a pyramid Ponzi-type scheme. However, Somaiya was criticized for his inability to understand the structural and fundamental difference between a Ponzi scheme and Bitcoin.

The legalization of Bitcoin in India
In spite of the negative attitude of certain politicians, the Indian government has come to a decision to regulate the market and provide an even playing field for Bitcoin exchanges that have allocated a significant amount of resources to standardize the market and industry.

Back in April, Mohit Kalra, CEO of Coinsecure, one of the largest Bitcoin exchanges in India, told Cointelegraph in an interview that the Indian government has finally started to take Bitcoin seriously and are considering the possibility of regulating the market.

Kalra said:

“Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it's all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”

On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term.

Prior to the announcement of the Indian government, Chris Burniske, ARK Invest’s crypto lead, noted that the trading volumes in India have been on the rise. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing around 11 percent of Bitcoin-to-USD trades.

Hello #India🇮🇳 we've been expecting you! Very curious to see where this goes for #bitcoin. h/t @BKBrianKellypic.twitter.com/9uacy5GZH9

— Chris Burniske (@ARKblockchain) June 15, 2017
The legalization of Bitcoin in India is expected to further increase trading volumes and Bitcoin activities in India by significant margins.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Second post I've seen on this today. Must be true and can't be a bad thing. Thanks for sharing!

Yeah I think it is a great news, your welcome buddy.

Great news!!!

I agree with you!

Congratulations India!!!!!

I agree with you!

✌🏼

Great post

Yes

Another cut and paste article.

good news for indians

good news for all btc holders

It amazes me how countries don't adapt to new things! So much for the older generation! LIKE ME , LOL! ALOHA aL

Great news!

Thanks for the info.. ☺️🙋
Please do check out my recent post, upvote and resteem if you like it.... And encourage this newbie here :
https://steemit.com/food/@teenz/great-indian-food-basket-1-pani-puri