There has been much debate about the future of cryptocurrency in India. This is an important topic of discussion among investors in crypto because India has the second largest population on the planet. More than one billion people live there. That means that a lot of money stands to be made if all of these people are allowed to legally trade crypto. As it stands now, the trading of cryptocurrency is still totally legal in India. This is also crucial when you consider the fact that China, the country with the world’s largest population, has completely banned cryptocurrency trading.
There has been a lot of internal discussion among politicians in India among the benefits of crypto. There is still a chance that the Indian government might ban crypto at some point in the future. Some prominent politicians voiced concern over the ability of criminals to use crypto to launder money and avoid paying income taxes. These are concerns that many countries have. However, the stakes are much higher in India where the potential market for crypto is so enormous. Many crypto exchanges have opened for business in India over the past few years. There are certainly many people in India who like the speed and ease with which transactions can be completed with cryptocurrency.
According to Coin Telegraph, politicians in India have given no time frame for a decision on the future legality of crypto in India. As of now, crypto transactions will only be deemed illegal if they violate Indian laws that are already in place. There are many countries around the world that find themselves in the same position that India is in right now. Crypto is still an emerging technology even though it has been around for a decade. Most countries have very few regulations regarding the trading of crypto. Therefore, lawmakers around the world need to learn the pros and cons of crypto in order to understand what they are dealing with.
It is very clear that India has some politicians on both sides of the crypto debate. Some lawmakers have talked about crypto becoming the future of global commerce. Therefore, India will be isolating itself if the country makes trading crypto illegal. However, other lawmakers are still focused on the use of crypto in money laundering and illegal transactions. The anonymity of crypto has been brought up by several Indian politicians as their primary concern. Their discussions will continue later this year.
