India Remains Undecided and Divided about Cryptocurrencies

India’s stance on cryptocurrency trading and investing is ever fluctuating. While the current generation is quite interested in trading in cryptocurrencies, RBI’s policies seem to be crushing their dreams.

According to Economic Times, RBI’s latest regulations regarding cryptocurrencies has left many traders and investors in disarray. Banks are asked to stop banking services pertaining to cryptocurrencies, and that those which are involved in a relationship based on virtual currencies have about three months to end it.

Amidst this, Venezuela has offered India a 30% discount on oil if India pays in Petro–the Venezuelan cryptocurrency.This could have been a convincing argument to allow government-approved crypto trading via regulated financial institutions. Unfortunately, the recent theft of about Rs. 20 crores from Coinsecure, affecting 11,000 customers, has put a negative spin on the market of virtual currencies in the eyes of the government. Coinsecure officials are working to recover the money and have assured reimbursement to all those who lost their money.

The general public on the other hand is enthusiastic about cryptocurrencies. Several platforms such as Unocoin have become popular because they offer trading in all major cryptocurrencies including Ethereum and Bitcoin. Safety is a top priority and identity of the trader is verified through Aadhaar.

The decentralized structure of cryptocurrencies and privacy afforded by these transactions attracts the current generation of investors and traders. Indian investors are looking to become a part of the global cryptocurrency revolution. Many have launched an online petition against RBI and have asked them to reconsider their decision against cryptocurrencies, so that they can go back to virtual currency trading with an assurance that it is regulated by the government. ()

A large part of the population is currently hoping that RBI will revise its decision, and allow the financial institutions to take part in cryptocurrency trading. After all, our Prime Minister himself promotes a digital India – shouldn’t this be a part of it?