Finally, Bitcoin to Be Officially Legal in India

Leading the exchange Bitcoin Zebpay has revealed that the Indian government committee has decided to support Bitcoin.

On April 14, Inter-Disciplinary reported that the Inter-Disciplinary Committee at the Ministry of Finance of India is actively investigating Bitcoin's legal status and considering the possibility to regulate the market.

Bitcoin India exchange efforts

Over the past three years, the top three Indian Bitcoin exchanges including Zebpay, Coinsecure and Unocoin are operated with self-regulated trading platforms with KYC and rigorous anti-money laundering systems, although there are no regulations in the digital field. Currency and market industries.

Bitcoin's exchange efforts in India to self-regulate the market allows the Indian government to reconsider the Bitcoin and digital currency sectors, despite criticism by some politicians who are significantly less knowledgeable about cryptocurrency.

On March 24, Kirit Somaiya reported that a BJP lawmaker ruling in India, was heavily criticized for Bitcoin's description as a Ponzi scheme.

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

Bitcoin Legalization in India

Despite the negative attitudes of certain politicians, the Indian government has taken the decision to regulate markets and provide a playing field for Bitcoin exchanges that have allocated large amounts of resources to standardize markets and industries.

In April, Mohit Kalra, CEO of Coinsecure, one of India's largest Bitcoin exchanges, in an interview that the Indian government has finally begun to take seriously Bitcoin and consider the possibility to regulate the market.

Kalra says:

    "Finally, something positive for the industry, the authorities are now taking this technology seriously, we've been trying to get their attention for years now, I'm glad it's all at the right time.In Coinsecure we see an increasing number of users and volumes Very big, we are positive with what will happen in the next three months. "

On June 20, CNBC India announced that the Indian government committee has decided to support Bitcoin and is currently forming a task force to create various regulatory frameworks in order to fully legalize Bitcoin in the short term.

Prior to the Indian government's announcement, Chris Burniske, crypto leader of ARK Invest, noted that the volume of trade in India has increased. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing about 11 percent of Bitcoin-to-USD trade.

Bitcoin legislation in India is expected to continue to increase Bitcoin's trading volume and activity in India with significant margins.

Source : Here