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India Confines Crypto Operations Trying to Regulate the Market

15 September 2020, 17:55
Votes: 1

Even though the latest cryptocurrency news informs that governments of diverse countries are adopting the usage of digital money, India decided to restrict suchlike operations. At the same time, the Indian government has long-lasting plans for using blockchain technologies.

India Confines Crypto Operations Trying to Regulate the Market

India had already banned cryptocurrency transactions two years ago, but the Supreme Court canceled such a decision in March of the current year. Now the government plans another try to restrict crypto-usage opportunities, insisting on the lack of regulations in this sphere, which don't allow banks to be sure of the operations' legality.

It looks a bit strange as the cryptocurrencies are developing well in India. Thus, the Bitcoin marketplace Paxful showed almost 900% growth in the first half of 2020, while crypto exchanger WazirX also demonstrated incredible results during the same period. Vast usage of crypto-based money by Indians was confirmed in Singapore, where local providers were trading with hundreds of thousands of people from India, which now can be closed. Neighboring China also showed positive movement and canceled their decision of cryptocurrency ban, which they had adopted three years ago, while now announced regulation of this digital market.

Crypto ban but blockchain promotion?

Even more strange seems to be the decision to develop blockchain technologies. The government plans to use distributed information processing as the core place for storing education documents, land records, and medical information. The authorities claim that federal rulers have to adopt both blockchain and cryptocurrencies as the step towards India's digital integration to the global community and become a possible place for investments.

Read more: What can Bitcoin price say about the future of cryptocurrencies?

Read moreWhy is blockchain sports betting gaining popularity?

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