MCS | Crypto India: A Bright Future Awaits?

MCS | Crypto India: A Bright Future Awaits?

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On the 13th, Prime Minister Narendra Modi held a meeting on responding to cryptocurrency, chaired by officials from the Reserve Bank of India, the Ministry of Finance, and the Ministry of Home Affairs. There is an expectation that this meeting may show a different result from the past is growing.

In 2018, the Reserve Bank of India banned the handling of cryptocurrencies by several financial institutions citing a negative view of cryptocurrencies. With the illegal ruling on the ban, India seemed to be entering the 'heyday (?)' of cryptocurrency again as many people began to engage in cryptocurrency trading actively.

However, with the CBDC at the fore in January 2021, the time of chaos came once again when the government pulled out the cryptocurrency ban card. In May 2021, three of the significant cryptocurrency exchanges in India suffered a collapse in value. Immediately after that, Paytm, the leading payment bank in India that decided to invest in cryptocurrency exchanges according to RBI's unofficial position on the 22nd chose to discontinue their support. On May 31, the RBI ordered banks and other regulated entities to strengthen due diligence on their customers who trade in cryptocurrencies while directing banks not to use the old circular to ban their customers from handling cryptocurrencies.

What would be the outcome of these plans to drive people away from cryptocurrencies by adding a complex transaction process to cryptocurrency investments and increasing inconvenience? A recent report from Chainalysis speaks very well.

India tops the Global Crypto Index in virtual currency usage.

Source: Chainalysis

The opportunities for economic freedom that cryptocurrencies provide equally for everyone are creating more traders over time, and experts say that the cryptocurrency market is still in its infancy. Simply put, there will be more cryptocurrency traders around the world, including India.

Indian Government, which has always viewed the cryptocurrency market negatively, believes that this meeting may have a different outcome from China, which has declared a total ban. The reason might be because the purpose of this meeting is to find a direction for coexistence with the rapidly growing cryptocurrency market in an advanced and forward-looking manner through regulation on the areas where cryptocurrency can adversely affect society.

The central focus of the meeting on the 13th was the regulation of hype on cryptocurrency exchanges, which are indiscriminately conducted to prevent money laundering or terrorist financing through the Indian cryptocurrency market and attract customers. While RBI still has an opposing view, it can be seen as positive that it focuses on win-win rather than killing the cryptocurrency market.On the 15th local time, it is noteworthy that the 'first meeting will also be held, led by the Indian National Assembly Finance Standing Committee, to officially invite officials from the cryptocurrency industry to listen to their opinions.

These historical events appear to have accelerated the day when cryptocurrencies can see more light in India. MCS will always give our support until then.

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Sincerely,

MCS Team

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