If we talk about the efforts of Cryptocurrency exchange in India Zebpay, Unocoin and Coinsecure are the three biggest Indian Bitcoins exchanges in the last three years which have their own self-regulated platform for trading. This platform works not only on anti-money laundering system in place but also on the strict norms of KYC i.e Know Your Customer. The three exchanges are running successfully despite the fact that there is a lack of proper rules and regulations in the digital currency market and industry.
There are huge number of people including several politicians who are far behind the reality and knowledge of Cryptocurrency. However, these Cryptocurrency exchanges in India are putting their level best to self-regulate the market and hence have provoked even the politicians to look further and understand the working of Bitcoins.
Stake of Indian government on Bitcoins
The Indian government is now reconsidering the digital currency sector to get an in-depth knowledge of Bitcoins. In the last week of the month of March one of the leaders of the ruling party, BJP, Kirti Somaiya has badly criticized the Cryptocurrency and stated them as “Ponzy scheme”. He was thoroughly criticized for his misunderstanding and inability to comprehend the structure of Bitcoins. He was considered to be unable to distinguish between a Cryptocurrency and any Ponzy-scheme. Somaiya tried to explain himself in the letter to the RBI (Reserve Bank of India) and also the Finance Ministry where he considered Bitcoins as a pyramid Ponzy-kind scheme.
Recently it has been discovered through Zebpay, leading Bitcoins exchange in India, that Indian government committee is taking steps in favour of regulation of Cryptocurrency.
After the incidence of March, in the month of April it was discovered that the legal status of Bitcoins was actively investigated by the Inter-Disciplinary Committee existing within the India’s Ministry of Finance who were further spotted being interested in considering the possibility of regulating the market.
Legal Status of Bitcoins in India
In the month of April another big news came up that was told by CEO of Coinsecure, Mr. Mohit Kalra that Indian government is in the end getting serious about the usage of Bitcoins in India and is perhaps considering regulating the market. Coinsecure is one of the three biggest players of Bitcoins exchanges in India.
Mr. Kalra stated:
“Finally, something positive for the industry. Authorities are now taking this technology seriously. We have been trying to get their attention for years now. I am glad it’s all happening at the right time. At Coinsecure, we are seeing a massive increase in the number of users and volumes. We are positive with what will happen in these coming three months.”
Thus, we can finally take a breath of relief that India and Indians will be able to secure certain Bitcoins despite the negative attitude and criticism faced by Bitcoins through certain politicians in India. Indian government has provided the significant amount of resources to standardize the Bitcoins industry and market and has provided a smooth-running ground for Bitcoins exchange.
The fact has been proved by the CNBC India on June 20 that Indian government has started working on the establishment of the task force in India to make certain set of rules and regulations for the legalized exchanges of Bitcoins in short span of time.
According to Chris Burniske, ARK Invest’s crypto lead, Indian market is already processing around 11% of Bitcoins-to-USD exchanges. He added that the trade volumes of Bitcoins exchange in India is further increasing and may increase by significant margins once Bitcoins become legalized in Indian market.