The title of this article have already told the story.
This is an article probably no body would like to read or write as a crypto lover. But undoubtedly the crypto believers specially in India have undergone lots of hurdles. Now we are mature enough to digest any threats for the survival of cryptos as long as they are not illegal as per the law of this land. In India crypto currencies are not regulated. Even there is no definitions in law for this kind of decentralized things as per my understandings. But any thing that is not illegal should be absolutely fine.Of course the cryptocurrencies are not legal tender in India.Finance ministry and RBI cautioned the people of India several times regarding the financial risk behind investing in cryptos. That means the people of India can invest in crypto with their own risk. But suddenly last year RBI issue a circular by which the entities regulated by RBI are prohibited to provide any service to any entity or individual dealing with cryptos. But the matter is in supreme court of India and a order is yet to come. However there is no relief from the banking ban till now by the supreme court. Now the scenario is people can not buy or sell Bitcoin or other cryptos through banking services. But crypto to crypto trading is absolutely fine as there is no regulation against it as of now. So dealing with cryptos without the banking involvement should be absolutely fine. The greatest step ever taken after the above mentioned RBI's circular is the installation of Bitcoin ATM by Unocoin exchange.
Till now the ground on which police have arrested Mr. Harish B.V. Co-founder of Unocoin exchange is not completely clear. But according to some news sources there is no prior permission to install the ATM. But that ATM is completely a new concept in India. I don't know whether there is any regulation for installing crypto ATM under any law is recognized here or not.Probably not. But there may be some reason for which Mr. Harish is sent to police custody for seven days after producing him to a court.
There may be many confusion in the mind of people and media regarding crypto here but one thing for sure that Bitcoin and other altcoins are not illegal completely .
We should adopt good technology and also work together for the betterment of this country. Few ponzy schemes due to the lack of regulation have suffered the innocent investors in the past.And the media always highlighted the negative aspects of crypto here. But we crypto believers have strong faith on our government and the committee headed by Mr. Subhash Chandra garg for a report on crypto regulations.Hopefully we will have a very good regulation soon here where every thing will be safe and more secure here than what is today. We cant be left back.So lets hope for the best.