Indian Government Taking a Look at Bitcoin and Crypto-Currencies
In late 2016, India’s Prime Minister Narendra Modi announced the demonetization of certain currencies being used in his country. He cited his reason for doing this involved attempts to curb the effects of fake or black currency, crime and corruption on his country’s flourishing economy.
Whether intended or not, he has prompted other government officials within the Indian government to use the same argument to question the validity of allowing Bitcoin and other crypto-currencies to be traded among the Indian people. It’s worth noting that current estimates put India’s involvement in the crypto-currency market at about 11%. That’s a significant number when one considers the high levels of activity being seen by Bitcoin traders on a daily basis.
Before anyone gets overly concerned, India would have already taken steps to ban crypto-currency trading by now if they had intended to do so. This is the stated position of Aman Kalra, marketing head of the New Delhi-based Coinsecure Bitcoin exchange.
Kalra’s comment came on the heels of a comment made by Finance Minister Arun Jaitly, who stated, “bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk.” Kalra simply believes that the government is taking the position they need to take more time to look at the government’s regulating options. Needless to say, but any attempts by the government of a country that participates at such high levels with Bitcoin and other crypto-currencies should be viewed with some concern.
However, the current position of the Indian government looks to be on par with many other countries. While very few countries have yet to ban such trading, there has been a certain amount of curiosity developing because of certain issues. Those issues would include hacking concerns and the use of Bitcoin as a way for the criminal element to transact business with anonymity. These are the very issues currently being raised by government officials in South Korea and China.
The good news for Bitcoin investors is governments all over the world are starting to look at crypto-currencies with interest. Instinctively, investors will be concerned about regulations. In many cases, that could be a short-sided view. It’s a good bet that most regulations would be set forth to protect the investors, not keep them from trading. While there are also some concerns about taxation, investors should recognize that tax avoidance in most countries is a criminal endeavor.
As the world comes to grip with the new crypto-currency revolution, investors would be well-advised to buy Bitcoin with one eye on their Bitcoin account and the other eye on Bitcoin news. This is one of the most exciting investment options to come along in decades. Things are moving much faster than most governments are capable of moving. Over time, governments will have their say and the overall crypto-currency market will begin to stabilize. Until then, the mystery of Bitcoin will continue to unravel, and the direction of the market will become clearer.
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