Ever since the Indian public gain exposure to Bitcoin and other cryptocurrencies, there has been a huge tussle between the regulators and the crypto-community. For now, the people of India are not sure exactly what the regulatory authorities in the country want from them.
The cryptocurrency community in India is comprised of individuals, independent retailers, and small businesses in India. These people form the crypto-community and investing in cryptocurrencies was making a difference for them.
For the first time in many years, these people had hoped to find a better living and prosperity with the help of cryptocurrencies. However, the Reserve Bank of India (RBI) and the Indian Government had something else in mind.
Instead of helping and supporting the interest of locals in India, the regulator and the government decided to destroy their dreams of having a prosperous life. Since the end of 2019, the Reserve Bank of India has been making all the efforts in order to shut down the cryptocurrency industry in India.
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The RBI has been very smart in dealing with the matter and trying to cut all wires for cryptocurrencies even when the Supreme Court of India had favored cryptocurrencies.
Now the matter is with the Government of India that has revealed that it is not going to ban cryptocurrencies in the country. However, the cryptocurrency industry has to be heavily regulated before it is provided status in the country.
Because of the decentralized nature of cryptocurrencies, the sector is available even for people who are unable to open up their accounts in banks or at other financial service providers.
This is what the creators of cryptocurrencies and blockchain technology had in mind when they introduced them to the public. Investors are everywhere and they have access to bank accounts or any other financial services.
However, there are almost 2 billion people around the world without this facility because as per traditional banking and financial institutions, they do not qualify for those benefits. This is exactly what the cryptocurrencies were launched to deal with and provide an alternative to the public that was in everyone’s access.
In India, the poverty level is at an alarming level and cryptocurrencies are the only solution that can help end this dilemma permanently. The public in India is willing to pay taxes on cryptocurrencies but the government needs to understand that it can also avail from the sector.
Although the crypto-sector has been very much vague in India since 2019. Despite all the regulatory pressure and RBI’s grinding, the cryptocurrency sector is still growing in India. As of now, more than 15 million users in India have adopted cryptocurrencies.