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Cryptocurrency To Face Uncertain Future In India Despite Growing Craze

In India, if you ask a layman to define cryptocurrency he or she might not be able to tell you about its basic. Although the traders, investors and miners have started to take interest in cryptocurrency, in the country.

At the time of novel coronavirus pandemic, when most business are suffering, due to lack of sale and production. The situation has emerged as a blessing in disguise for the cryptocurrency users as they are being able to spent time behind trading and understanding the nuances of cryptocurrency.

The Supreme Court lifted the ban on cryptocurrency back in March 2020. Recently there have been talks about using cryptocurrency as a commodity in the country. But an expert speaking to The Week said that Cryptocurrency currently holds a no man’s land in India.

Alok Shende of Ascentius Consulting also said that the current regulations about cryptocurrency is uncertain.

“Cryptocurrencies in India occupy the nether world of no man’s land. While the regulatory framework that the RBI had promulgated had been struck down by SC, but simultaneously there has been no enabling regulation that has come in the offering,” Shende said.

In such an unregulated environment, the possibility of unscrupulous players entering the market to dupe genuine investors, can not be denied,” he added.

However, in the recent times the cryptocurrency investors in the country are optimistic that the system will be revived and their will be more citizens showing interest.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.