Cryptocurrencies, Indian Government, and Risk Factors

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cryptocurrency industry in India

The process of crypto adoption in India is far from being over. Hopefully, cryptocurrency exchange BuyUCoin wants to take part in this process. It is worth mentioning that, Indian cryptocurrency exchange developed a framework to regulate cryptocurrency in India. People should keep in mind that, cryptocurrencies have the potential to help the local population.

Interestingly, BuyUCoin claims that all Indian cryptocurrency stakeholders support this framework. Nevertheless, at the moment it is not clear which stakeholders had a hand in the development of the framework or ‘sandbox’.

October 2 is the release date of the framework.

BuyUCoin has more than 350,000 users and handles billion-dollar transactions. The exchange described the framework as a draft set of community-driven rules, propositions, and implementation methods. Importantly, the framework will be presented to the country’s government.

In March, the Indian Supreme Court ruled in favor of the cryptocurrency industry. Based on the information provided by the media, the government plans to introduce a new bill to ban the trade of cryptos during the monsoon season. Such reports have the potential to affect crypto-related companies.

Cryptocurrencies and legal aspects

Crypto industry and Internal Revenue Service

Importantly, the draft of the sandbox will help the government to make laws regarding the cryptocurrencies.

This is not the end of the story as the framework will make it easier for startups and entrepreneurs to enter this booming industry.

It is worth mentioning that, by banning the industry the country would find itself in a difficult situation.

Other countries will develop this industry instead of India. Moreover, cryptocurrency exchanges and enthusiasts should work with the government to prevent this scenario.

Last but not least, authorities should find a way to make cryptocurrencies part of everyday life. However, lawmakers, the government, and the crypto-related companies should work together to achieve this result in the nearest future. Moreover, the Indian government should pay more attention to such initiatives.

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