Future of Cryptocurrencies In India?

As the number of investors have been rising rapidly in our country, there is also much fear among the investor as the future of cryptocurrency will be decided by Crypto Bill, to be tabled in the parliament this month.

Crypto Market saw a huge rapid fall in prices after the rumour of ban of cryto in India went viral, as the new investors failed to interpret that news properly.  The ban was about few private cryptocurrencies only.

PM Narendra Modi has already said  that emerging technologies such as cryptocurrencies should be used to empower democracies, and not undermine it, which means that he is not in favour of banning it but regulate it within the law and legal frameworks.

Possibly,  there may only be ban on exchange to exchange transfer and this bill may prohibit Indian citizens to use foreign exchanges.

The government is expected to direct Indian users to not just reveal but wind up their holdings with foreign crypto exchanges and hence, move their holdings to Indian Exchanges and declare them within a period of 60 to 90 days. Any violators,  could be fined as high as ₹20 crores or even imprisoned for 1.5 years if the expected proposed laws of crytos are implemented.

The new crypto will probably replace the word ‘Currency’ from the word ‘Crytocurrency’ with ‘Asset’, thus it may be called as ‘Cryptoasset’.

Cryptoassets will be dealt with the existing crypto exchange platforms which will be regulated by the Securities and Exchange Board of India (SEBI). A cut-off date will be prescribed for those having cryptoassets to declare and bring under the crypto exchange platforms – which will be regulated by SEBI.

With the expected proposed legislation to regulate the crypto in India, once this bill is passed in parliament, it is expected that Crypto market may see a new high sooner.