Crypto currencies & their future in India?
Crypto currencies across the globe are tremulous at present.The Indian scenario too revolves around a lot of ambiguity in context to future of cryptos. Although,cryptos in India are being used only by a select group of users, awareness & speculation around it has triggered a massive interest amongst people.
More so, Indians I reckon are begining to understand the fact that most economies & currencies around the world (not only in India) are controlled by a select group of Individuals.We've all heard about the worlds wealth being controlled by the super rich! who hold power in the world – those with the financial or political power. Now that certainly sounds like one hell of a stragety to keep the riches to themselves & the poor continue to degrade or maintain a status quo!
Not only this, there is a wide & growing interest of exploring cryptos as an Invesment instrument.Intrestingly, global scenario on adotion & use of crypto's is patchy.
In a conducted a research conducted by Cambridge university to assess governmental attitudes towards crypto currencies - it is quite evident that barring a few handful countries, most economies have not declared cryptos as "illeagal" !
(Image Source:- https://blogs.thomsonreuters.com/answerson/world-cryptocurrencies-country/
The Indian Standpoint:-
Off late there has been a lot of speculation & debate regarding the Indian governments stance on cryptos. Not only does this interest investors and users of crypto in India but also a lot of IT companies who are exploring the uses of block chain technology to their existing set of processes which will help them save on time money & effort.While, the Indian government both past & the present one have recognized this for research in both public and private sectors - there is no clear indication if its use as a currency will be legalized.
Latest events point that a sitting committee lead by Subhash Chandra Garg (External Affair Sec) is reviewing options & are expected to come up with a draft & recommend future actions.
Sequence to events expected as per time-lines
Source:- ET news
July 3 – Supreme Court will hear the appeal of IAMAI against RBI’s virtual ban on Cryptocurrency
July 5 – The deadline for Banks to close ties with crypto exchanges
By July 15 – Garg Committee to submit its report on Cryptocurrencies
July 20 – Supreme Court will hear the appeal to ban, regulate or allow cryptocurrencies in India
Next month certainly is expected to unfold a lot of clarity on the future of cryptos in India.