India will soon have its own rules on bitcoin. The responsibilities of various regulators have been determined, a high-ranking official revealed. Relevant institutions are currently finalizing a comprehensive government policy on cryptocurrencies. Representatives of the Indian crypto community, meanwhile, have quashed fears of an imminent ban.
After all these Malicious FUDs spread in past few weeks by different Entities in the world ; South Korea , India , China and many more which caused the price of bitcoin resulting in a free fall from $13000 to $5860 in the international market whereas in India , the biggest exchange Zebpay dipped the price of a bitcoin to Rs250000($3860) all who saw this dip and did a panic sell are in huge loss , which made exchange a good amount of profit now .
People in India will know its importance in future . Just think about the Worst Case Scenario , The Government of India announces Bitcoin Fraud Ponzi Scheme and Hence ban bitcoin from this kind of step by the government people will lose money which the govt. would never want . If this happens people will start panicing and start selling bitcoin on local exchanges and resulting in fall in price in the native market of crypto , moreover big exchanges will also start dipping the price of bitcoin and at these point they will start buying these coins making money and they would sell the bitcoins in other countries where it is regulated and legal . ones should not always looks on the bad side and should consider both .
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
The Biggest reason not to legalise it ; Offical Agencies are not able to track BITCOIN and tax BITCOIN .
Then they say , Bitcoin is funding Terrorism and other criminal activites . According to a Research , less than 1% of total bitcoin accounts for all types of Illicit activities in the world . Government also takes a stand on its fluctuating value in terms of usd so as to support its Decision on not regulating the bitcoin .
https://news.bitcoin.com/new-research-laundering-of-illicit-funds-less-than-1-of-bitcoin-transactions/
I don't know why Government is just confusing people , I know a lot of person waiting to buy bitcoin after its legalisation which may happen in country Like India . I suggest people if they believe that bitcoin is Ponzi and Price will go to 0 then they should not invest as its just a encrypted form of data in 0 and 1 . Moreover Half of the world is Crazy for these zeros and ones to get in to their bitcoin wallet .
Nobody will be able to give you a better explaination or adivce on this not even me just surf the internet , google it and every thing is also on youtube just a matter of some videos to be watched on your topic .
Beaware of Scammers as I have also came across a lot people doing scams , Do your Research before Investing in any of the market , it may be stock , forex or Crypto RISK FACTOR is everywhere , People just blame bitcoin price as some loose money and some say they have known bitcoin when it was around $400 around but they did not bought it for this they also blame it .
I am not financial advisor or Promoter of any of the coin , it may be bitcoin , ethereum or ripple .
