Bitcoin, Crypto currency, Blockchain

The Indian crypto market

There is a crypto ban in India?

Crypto-currencies were always in a legal grey zone in India. The reason is that these are not be prohibited technically, but still by financial institutions not as a legitimate means of payment.

“The government sees crypto-currencies as a legitimate means of payment and will take all necessary steps to use to prevent this for illegal purposes,” said Jaitley (Finance Minister of India).

His rhetoric, however, in a stark contrast to last August – at that time, he told the Indian Parliament that the state for the regulation of crypto, the authority on currencies is missing.

To trade crypto-currency is becoming more popular in India, a country with more than 1.3 billion inhabitants. A report by the Bitcoin Trading platform, Unocoin, according to the number of New registrations increased on the platform exponentially.

In an Interview with a local News organization is Sathvik Vishwanth, the founder of Unocoin amazing statistics: “in the beginning of 2017 we had about 10,000 new users per month, in December there were between 8,000 and 9,000 every day.”

Although crypto-currencies in India are legal, the law enforcement authorities, it is not easy for the investors.

Ajay Tyagi, Chairman of the Securities and Exchange Board announced that regulations will be finalized at the time, and that this will define the role of the individual regulators.

Source: New Indian Express Newspaper

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