These are the top 4 reasons why the Government of India should not delay cryptocurrency regulation
cryptocurrency regulation
Cryptocurrencies, since they have no underlying asset, are extremely risky for investors. According to data from cryptocurrency exchanges, around 1.5 crore Indians have invested in cryptocurrencies, with a total value of Rs 15,000 crore. There are 350 blockchain and cryptocurrency startups.
While the RBI is explicitly opposed to cryptocurrency as a medium of exchange, the government’s position on the subject is unclear. Experts believe that Indians investing in cryptocurrencies are taking a high-risk bet because the Reserve Bank of India (RBI) and the government have yet to regulate these instruments. Any kind of crypto transaction should be banned in India before cryptocurrency regulations provide clarification, they said. “Be it as a medium of exchange, mode of investment/ assets, cryptocurrency dealings should be banned in India and should be made as a criminal offense,” said Madan Sabnavis, chief economist of the CARE rating agency.
“Unless we have regulations and an official view on this, Crypto is no different from gambling,” said the veteran economist. The remark is significant at a time when crypto currencies are becoming increasingly popular among investors.
Cryptocurrency is a type of digital money that is decentralized and based on blockchain technology. While Bitcoin and Ethereum are the most well-known cryptocurrencies, there are thousands of others in circulation. These are the following Cryptocurrency regulation.
1.Crypto rush
2.Regulatory action
3.Why should people invest in cryptocurrency?
4.What happens if cryptocurrency is banned in India?