"crypto investors".
21.02.2021
Countries like the United States, China, Japan, Switzerland, South Korea and South Africa are adopting cryptocurrencies, but there is uncertainty in India on the other hand. Crypto investors and other stakeholders have expressed doubts about their future after the one-time ban on cryptocurrency transactions.
Because the control of the cryptocurrency and the official digital currency bill is to be presented in the current budget session of the parliament in 2021. Bitcoin has crossed the $50,000 level following the continued demand from PayPal, Tesla, MasterCard and other companies.
Cryptocurrency players are hopeful that the government will not impose blanket bans. Nishal Shetty, CEO of Wazirx, said that the institutional participation in crypto in India is very low and regulatory uncertainty is one of the biggest hurdles, citing the acceptability of Bitcoin and other cryptocurrencies such as Ethereum, Doge, etc.
Institutional players will need regulatory transparency before participating in new asset classes such as crypto. Because the introduction of a regulatory framework will certainly help cryptocurrencies to develop in India.
Earlier, the Reserve Bank of India had banned cryptocurrency in India. Although the Indian rupee can only be used as a currency in India, cryptocurrencies are used more as digital assets.
Unlike other currencies, cryptocurrencies can also be traded, causing huge fluctuations in their values. As a result, the value of cryptocurrency has no stability. Stability, on the other hand, is a parameter that determines the quality of a currency.
Only related cryptocurrencies such as Bitcoin, Etherium, etc. can be used in a cryptocurrency blockchain. The cryptocurrency facility needs a regulatory framework to protect the interests of crypto investors, as a proper crypto regulation will move India forward.
Nishal Shetty says that as we move forward, banning crypto will bring our country back in a decade. But now it is up to the government to decide whether to impose a clear ban on cryptocurrencies.
