The indian authorities have made many efforts to understand the phenomenon of crypto-currencies for years. Unfortunately, they have not managed to understand it and to master it. Faced with this situation, most managers have given up and have decided not to regulate the market of Bitcoin. Some have not yet positioned about the future of this digital currency in the country. In addition, the situation seems all the more complicated when a person responsible for proposing the regulations, said today that India simply cannot regulate this virtual currency.
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The indian authorities are still undecided
The antipathy institutional towards crypto-currencies is not a secret in India. Many warnings have been issued against their use. Several officials said that they were illegal. The fact is that digital currencies, like Bitcoin, are neither prohibited nor regulated in the country.
Source : Pixabay. India will have problems to regulate the market of Bitcoin.
In February, the local media have suggested that the roles of the various regulatory institutions had been identified, but no legal framework has been put in place yet. Two committees, set up by the ministry of Finance, have attempted to understand the crypto-currency, and recommend regulations. The first one did not allow their use in India, while the current committee is always thinking of different options.
Difficult to ban the Bitcoin in India
Despite the pressure, the Bitcoin continues to grow in India. According to a recent study, the new jobs related to cryptography in the country have increased by nearly 300 % over a period of six months last year. A survey has shown that Indians are optimistic about the future of crypto-currencies in their country. Individuals have also found other ways to buy digital currencies abroad.
Some experts say that not only would it be difficult to regulate the virtual currency, but also impossible to completely remove. The measures to ban the crypto-currency could encourage illegal transactions.
Source : NewsBitcoin