“India’s Supreme Court on March 04–2020, allowed banks to handle cryptocurrency transactions from exchanges and traders, overturning a ban on such dealings by the central bank that had come as a major blow to the thriving industry”.
It was the first step towards embracing cryptocurrency in India, which has the potential of becoming one of the largest crypto markets. After this Court Victory on 4th march 2020, India celebrates its Independence for cryptocurrency and the Indian Exchanges starts Gear Up for the Crypto Trading Surge!
Cryptocurrency Regulations in India
In 2017, India’s government seems to be looking at the possibility of less prohibitive cryptocurrency regulations . The Special Secretary of Economic Affairs formed a committee to suggest ways of dealing with the potential AML/CFT and consumer protection issues related to cryptocurrencies. In 2018, reports suggested that a government committee was drafting new legislation which introduced greater cryptocurrency protections for “the common man”.
Future Regulations in India
After the supreme court verdict on legal regulations on cryptocurrency in India lot of investors and cryptocurrency companies are expected to revive plans to invest and expand their business in India.
Because of the tremendous interest in cryptocurrency, crypto traders/ enthusiasts in India have a great plan to start a cryptocurrency niche business to develop their pay scale in shorter span of time.These factors have sparked interest in cryptocurrencies and crypto-assets as a way for India to shape the future of crypto.
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