The cryptocurrency space has undergone widespread adoption and has also experienced the downsides, in which many countries of the world are speculative about cryptocurrencies and therefore have taken a firm stand to ban it. The government of various countries is very optimistic and has a broader mentality to view the blockchain and cryptocurrencies, but some countries try to monetize cryptocurrencies to earn some profits through the booming technology. Cryptocurrencies, however, have stimulated a number of other important domains such as Initial Coin Offering Cryptocurrency discussion forum, cryptocurrency-based events, etc. If you have not heard or know a little bit about cryptocurrencies, then you certainly miss a great revolution of the decade. Let's look at the currency scenario of the cryptocurrency in India .
The RBI ban of cryptocurrency in India
More recently the time frame that has been provided to all financial institutions working under the reserve Bank of India all cryptocurrency operations in India were terminated and none of them was authorized to provide cryptocurrency-based services to either businesses or individual customers. The Indian government has taken such an extreme step with regards to the booming technology and the cryptocurrency in India does not seem justifiable as the cryptocurrencies stimulate the financial ecosystem itself, such as cryptocurrency in India has been a huge part of people's lives.
Increase in over the counter trading due to the ban on cryptocurrency in India
Due to the prohibition of cryptocurrency in India trading platforms Over The Counter as Localbitcoins.com have seen a surge, as it has become extremely difficult for customers to make cryptocurrency transactions. However, this unfavorable pace regarding cryptocurrency in India would undoubtedly bring speculation into people's minds and, once again, India would have been left behind, similar to the Dotcom bubble that would have meant huge amount of brain drain inside the country.
Development of cryptocurrency in India
however, positive steps were made with respect to the cryptocurrency in India by the Central Bank of India, as a special unit was assigned for keep track of all the events of the cryptocurrency in India . The members of the unit are highly experienced and are expected to develop rules, research for cryptocurrency in India and also take future decisions regarding the development of cryptocurrency in India . Experts within the community will also trace Artificial Intelligence along with Blockchain technology simultaneously.
The government is enabling the gamble game for cryptocurrency in India
In addition, the Law Commission Of India has advanced its time before the government and has stated that the cryptocurrencies in India must be made available for all purposes of the online gambling Bitcoin . Precisely in its 276th report, the India Law Commission reported to the Justice and Justice of the Union, Ravi Shankar Prasad, who seems to be very supportive of this decision. The decision is favored precisely because the prohibition of the gambling industry inside the country has resulted in a spike in illegal gambling and the circulation of black money. the committee further clarifies that all transactions related to gambling would be linked to the identity of the individual Aadhar card which would allow them to trace the flow of the cryptocurrency to India .
A committee was founded to regulate cryptocurrency in India
In November 2017 an interdisciplinary committee was also set up consisting of experts from various financial problems such as the Ministry of Electronic and Information Technology , Department of Economic Affairs, Department of Financial Services, Department of Revenue (CBDT), Ministry of Internal Affairs, NITI Aayog, State Bank of India and Reserve Bank of India . it was mainly formed to develop the regulatory framework for cryptocurrency in India . The committee consists precisely of 10 members and is led by Subhas Chandra Garg, who is the Secretary of the Department of Economic Affairs. According to rumors, it has been suggested that the commission has already presented its report on the regulatory framework of cryptocurrency in India but the project has yet to be finalized by decision-making authority