India is going via a Bitcoin revolution, because the attention within the digital currency keeps to growth. Moreover, the Bitcoin environment is presently at the crossroads because of the authorities’ attention in regulating the digital currency.
Following the introduction of an inter-ministerial committee to evaluate digital currencies and capability regulatory steps, there are speculations that Securities and Exchange Board of India could quickly be overseeing digital currency associated policies. However, given the reality that SEBI’s information lies in regulating the traditional markets and economic assets, a move to consist of digital currencies under its purview could burden not the company but additionally hamper the industry’s increase.
However, the co-founder of Zebpay, one of the big four Indian Bitcoin systems, the authorities in addition to the digital currency business can benefit from the development of a self-regulatory body for digital currencies.
“In the beginning, because there are such a lot of modifications taking place to the industry, and it is hard for the government to follow, they can actually permit us to form a self-regulatory company at the lines of the Mutual Fund Association of India, Internet & Mobile Association of India, or the payment Council of India.”
He also states that the SEBI by itself began as a self-regulatory company, with its personal regulatory structure until it was made a legitimate regulatory body. Goenka additionally states that the authorities need to not consider banning digital currencies, particularly Bitcoin as it is increasingly more being used as a store of value.
The Indian Bitcoin business has thus far been self-regulated, with the platforms having their personal set of Know Your Customer verification process. For a country like India, which represents a huge marketplace for digital currencies and blockchain, strict policies might hamper innovation. Overall, it is nevertheless doubtful as to how the digital currency policies within the India will pan out. Until something concrete is introduced, the business will stay shrouded in uncertainty.