With India heading towards technological advancements, its fintech sector is progressing rapidly Cryptocurrency regulations. Especially post covid breakdown the popularity and recognition of innovative technologies and cryptocurrencies have grown by multi-folds. And this growing interest has led to a considerable rise in the value of digital currencies.
Tron or Tronix, the next-generation blockchain-based cryptocurrency is expected to reach $100 or more in the next five years. The current Tron price is $0.0773710, and by the end of 2023, its average price is believed to reach $0.0869819. Thus, looking forward, Tron has a rosy future ahead.
This steady rise in cryptocurrency prices has raised an incredible interest among Indians. People from different demographics and social classes are actively investing and trading in crypto assets. While the lack of clarity over the status of digital currencies still looms over the crypto community in India. Let’s gain a detailed insight into the Indian government’s stance on cryptocurrency in this article.
Indian Government’s Stance On Cryptocurrency
The journey of virtual currencies in India began in the year 2012. Within a short span of its launch, there was a notable increase in the number of crypto exchanges. This was due to the crypto industry being unregulated and undeveloped with an immense potential of trillion-dollar profit. As a consequence of immense popularity, exaggerated use, and probable revenue loss, the Indian government became apprehensive of digital currencies’ continued, uncontrolled use. And in 2013, the Reserve Bank of India (RBI) released a statement imposing a blanket ban on the usage of cryptocurrencies.
This eventually brought the entire crypto market to a halt. However, after two years of a long battle, the crypto community got affirmation from the supreme court to buy, sell, or trade-in cryptos. In March 2020, the Hon’ble Supreme Court of India released a breakthrough judgment abolishing the RBI’s prior ban on dealing with cryptos. This judgment stated that cryptocurrencies are not illegal. Anyone in India can buy, sell, and trade digital assets without any objection. Although the crypto industry is unregulated; presently, there is no defined regulatory framework to govern its functioning.
Government’s Upcoming Proposal
The Indian government seems to show concern over implementing crypto regulations. Meanwhile, several national and international exchanges are also extending key support to the government by self-regulating themselves and complying with KYC norms to keep a check on their investors. The popular platform CoinSwitch Kuber is best known to offer tron to INR and other cryptocurrency conversions following a legit and transparent KYC compliance procedure. The platform ensures to follow a stringent procedure obliging to sound practices.
The objective of this bill is to ban private digital currencies in India with certain exceptions. This will provide a boost to the underlying technology and crypto trading while laying the foundation for new cryptocurrencies.
However, there is still a grey area. Thus, the country needs to spend some more time coming up with strict guidelines to support seamless crypto trading in India Read more