India: Government Panel Not In Favour Of Banning Cryptocurrency
A panel setup by the Indian government to research into cryptocurrencies doesn't seem to be in favour of banning it according to the tweet by Economic Times.
Frankly, regulation is what India needs to grow it's cryptocurrency sector. The clampdown on cryptocurrencies have been due to several ponzi scams taking place and RBI's mandate has certainly thwarted many new ponzi scams from taking place.
However, it has also shrunk the market size for cryptocurrency in India by a large amount. This is mostly due to the FUD associated with such a move. However, with regulation we're likely to see a growth in this sector.
At this point though things are still uncertain. Economic Times is a major daily in the country and we're not sure of their source. But the fact is that government is likely to loose out by not regulating this market.
While I'm not a big fan of government regulating everything, having certain parameters in place for smooth and legal operations of cryptocurrency exchanges will benefit everyone. Many naive investors have jumped on the Bitcoin bandwagon by believing ponzi scheme peddlers selling get-quick-rich schemes.
Regulations might allow exchanges to continue their marketing efforts and also allow them to educate their customers on the correct ways of speculating in cryptocurrencies.
I look forward to some solid updates on this matter in the weeks to come. Stay tuned.
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Hope this will be done by Indian govt. If this happens, this is very good for all steemians and crypto user/trader.
We all waiting for any solid update from market and you.
I can't believe how low alts are now, many of them have lost all the gains they'd made since last year, which is unbelievable when you think of it.
You are right sir, there is great profit in cryptocurrency and this should be developed all over the world and also, the belief of everything being a ponzi scheme from cryptocurrency to investments and all that, the sector of cryto currency needs to stop being speculated about and start being classified into legit investment that is worth the time and risk, quit a lot of people think and have the belief that crypt currencies is just another way to scam and that belief needs and must be eradicated so as to ensure progress and proper development in the sector.
A ray of hope. Brilliant! indeed a great post for an Indian. Cheers!
India is full of millennials that would one hold the wealth of nation. This age group is the one that is the most excited about cryptocurrencies and that is why countries with younger demographics can be so very important for the crypto market.
On one hand it understandable that RBI would take steps to suppress scams but on the other hand the hurt produced on the crypto market is unjustified. Sooner or later they would need to understand that if they don't take the initiative like Japan and Korea, they are going to miss this historic ride.
Thanks for sharing the info @firepower
yes, it's a good news,I also read the news and also your article. the panel formed by the govt. may give a decision in support of allowing cryptocurrency in India. Thank you for sharing the article.
@firepower, as cryptos become more widespread, governments will sofen their regulation towards cryptos. In a more distant future, different governments will even compete in trying to attract crypto investments :)
this is good news in this tough time of cryptocurrency when all falling
I like your news alot..it helps me determine the future if cryptocurrencies.Mostly your economics plans for future cryptoexchange.no matter how many goverment fights this movement,it has come to be.This is the future of buying and selling.
Thanks for the infors.I following your anaylsis alot,and it has been helpful to me
to avoid duplication, to system updates