When we talk about CryptoCurrency or Blockchain, India is one of the most popular countries participating in the Market Capital as well technology adaption. But what is India’s take on Bitcoin?
If in one word I had to explain its “Confused.”
Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI), two biggest government organizations responsible to decide Bitcoins fate in India are just running away from their responsibility by putting the decision on one another. RBI considers Bitcoin to be a Commodity and wants SEBI to take the charge. SEBI wants Bitcoin to be handled by RBI as it is a Currency. As of now, Zebpay & Unocoin are the companies operating in India related to Bitcoin but still the regulators are not clear on the stance regarding Bitcoin or any Crypto Currency. At the time of posting, currently Bitcoin is priced at around 520,000 INR at Zebpay in India.
Unocoin , another bitcoin provider in India, promoting use of Bitcoin at local stores.
When Governments fail the decide policies and share clear guidelines, Court has to step in to provide clarity. A Public Interest Litigation (PIL) has already filed in Supreme Court, India to clear instructions and regulations regarding Bitcoin Operations in the country.
Not everyone in India who is putting their money into Bitcoin really know what it is or how it is going to benefit them. Everyone has just heard stories of people getting rich from Bitcoin so they too want to earn easy money to become Bitcoin Millionaires.
During the last FinTech conference in Mumbai, India, Executive Director of RBI has clearly stated that they are not comfortable with non-fiat cryptocurrenices specially when any of the currency is not issued by Reserve Bank of India. It is somehow understood that Government do not intend to allow or use cryptocurrencies for payments and settlements. Rather government intend to use its own cryptocurrency LAKSHMI which will be centralized and under Government's control and surveillance. Read more about Lakshmi in my previous post here.
Rather Bitcoin in India is still unregulated and even after stern warnings from Government, more and more people from India are associating with Bitcoin specially after the affect of demonetization that affected Indian Economy last year. Also professionals and freelancers who provide online services to overseas clients have started requesting to receive money in Bitcoin as they can receive the payments instantly as well as their valuation of money is increasing with time.
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How else would someone feel after the last while!?! Understandably confused, I would believe.
The uprise of a national cryptocurrency might work, as long as it has the decentralization and autonomy that offers cryptocurrencies such as Bitshars, EOS, Steem and the likes.
Thanks for a good article presenting the situation out there. India is a HUGE player in this day and age and their choices will make giant waves in the world of cryptos. Namaste :)
Thanks for your appreciation as well as your opinion.. @eric-boucher
This reply really good i like it @eric-boucher
Thanks! Namaste :)
It's very interesting how India keep up with the trend. It's still unstable but India could create the next big thing related to blockchain considering the no. of talented engineers available. Well written. Thanks for sharing!!
You are welcome @abiisu
nice post, very informative, @pkalra thanks for sharing
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Hopefully India will resolve this problem soon, them entering the market on a big scale would be fantastic news
Yeah.. Hopefully @babylino
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India has typically adopted a "wait-and-see" stance on cryptocurrencies, discussing their role in the world's largest democracy but not taking concrete steps to regulate or prohibit them.
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Supreme Court of India Issues Notice to Reserve Bank, SEBI and India Fiance ministry Seeking Regulation of Bitcoin. I think Will Resolve all issues very soon and Bitcoin Regulate in INDIA.
good post, thanks. hope India will do something with this confusion soon.
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Thanks for your post, cheers
@pkalra
I bet there will be billions of black money invested in bitcoins/altcoins now.
It's far easier, safer, and much much higher ROI than any Swiss bank. ;)
The Government of India can not control bitcoin, so it does not want to get involved with it. And it is impossible to control it at the moment. Therefore, attempts are being made to introduce their own crypto currency. It turns out a reverse reaction, more people buy bitcoins in the country.
Thank for an analytical presentation about Crypto Scenario of India.
Hope this situation will not continue as entire World is in move towards implementation of Blockchain so as India.
Hey its something similar to what I think as well in my blog post on India and crypto-currencies