Indian Gov't Vows to Weed Out Cryptocurrencies From India

Delia Watkins
February 2, 2018

During the run-up to the budget, there have been talks that the government could come out with a roadmap to regulate the cryptocurrency market. Illegal Tender means you can not use them as "Rupee" to buy/sell goods.

Anshul Vashisht, a manager with Coinsecure, a Delhi based cryptocurrency exchange, which has a volume of almost 100 coinds a day, said "we have seen dumping of bitcoins". "Distributed ledger systems or blockchain technology allows organization of any chain of records or transactions without the need for intermediaries". There were reports that many banks have frozen the account cryptocurrency exchanges in the country. In that, he gave a speech about Bitcoin use and trading in India.

Experts have welcome the government's stand on blockchain.

However, Arun Jaitley has announced that the would adopt blockchain which is the technology that supports cryptocurrencies.

The Indian government is getting more serious about using blockchain technology into the growing digital economy of the country. "It is business-as-usual at our exchange", Unocoin, one of the major cryptocurrency exchanges in India said. Some recent reports have revealed that several banks had frozen accounts of such exchanges in the country while the Registrar of Companies (ROC) had stopped registering companies that meant to act like cryptocurrency exchanges.

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After reaching a record high of $19,511 on December 18, Bitcoin has lost more half its value as the digital token has been weighed down by expectations of more government oversight globally, fears of price manipulation, the susceptibility of exchanges to hacking, and lingering concern that it's all just an asset bubble.

Thanks to the rise and rise of Bitcoin in 2017, cryptocurrencies have gained huge popularity globally over the past few months.

Bitcoin investors have since been advised to keep their investments safe in an offline "cold" wallet to prevent future hacks. The success of Bitcoin encouraged the bank to develop its own cryptocurrency as it is not comfortable with the non-constant cryptocurrency.

"The government must deliberate the use of blockchain for smart contracts and blockchain-based KYC which will bring security, efficiency, and speed to a wide range of services and processes", Chowdary, who is also the chairman and group CEO of Andhra Pradesh Electronics and IT Agency, added.

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