India, the second most populated country along with China which is the most populated country has shunned out Cryptocurrencies. The bans are mostly in fear of money laundering. However, the Indian government has finally made it clear that it’s working towards a policy for Cryptocurrencies.
A committee which was set up in November 2017 could come up with a clear plan of regulations for Cryptocurrency by next month. As of now, court cases on Cryptocurrencies are being heard but of no primary decision yet.
India’s ban towards Cryptocurrencies started in April when the Reserve Bank of India (RBI) asked businesses and individuals to wind up businesses with Cryptocurrency exchanges. The final court case hearing got delayed due to evidence not being sufficient and the court delays in the hugely populated country.
India’s Cryptocurrency enthusiast’s faith rests on Subhash Chandra Garg who is heading the financial panel of drafting the policy of Cryptocurrencies in the land of colours. As of now, March 2019 marks the month of regulations being implemented. Subhash Chandra Garg is also the Secretary of the Department of Economic Affairs.
Subash Chandra Garg, who chairs the committee and is also secretary of the Department of Economic Affairs, has reported that progress has been made, despite a succession of missed deadlines over the past year.
The year 2018 has been down for Cryptocurrencies in general because of various reasons of which include China and India getting very tight on them. If countries like China and India start approving Cryptocurrencies, with a total population of 2.77 billion people which is 36.28% of the world’s population it could drive Cryptocurrencies demand in a manner not seen before.
India getting tight on Cryptocurrencies led to major Cryptocurrency exchanges such as Zebpay opting for friendlier shores of Malta and halting operations in India. The effects of such Cryptocurrency exchanges shutting its doors onto India may prove to be a problem to India’s outsourcing business culture, and it’s impact on technological improvements.