On One side cryptocurrencies are getting enormous response from investors, traders and even governments from all parts of the World, while on the other hand India is still in denial for cryptocurrency's potential by calling them 'ponzi schemes'.
If we look at the price history of Bitcoin, we could clearly see that Bitcoin price's have gone 20X in this year only and still holding strong. CME & CBOE have already started Bitcoin Futures Trading and now possibly the whole world knows about Bitcoin if not cryptocurrencies.
But there are still some countries which are trying to go against the flow and trying to ban cryptocurrencies once and for all. While China have already done it back in July 2017, along with Cambodia and Russia is also considering it, India is still in confusion phase.
Back in year 2017, Indian Finance Ministry have already warned Indian investors twice about the volatility and risk of cryptocurrencies and advised them to be cautious while investing any piece of money in it. Yesterday, the 3rd warning have come by Indian Ministry regarding the volatility and 'ponzi' nature of crypto investments.
As per this source, the Finance Ministry of India has released this latest statement :
"The price of bitcoin and other [virtual currencies] therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices. There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes... Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes."
In this notice, Indian Finance Ministry has also stated that India don't consider the cryptocurrencies as legal tender and any issues related to them won't be addressed with immediate effect.
But if we look at Coinmarketcap statistics regarding Koinex Exchange which is actually an Indian crypto exchange, then $115 Million trading volume has already been surpassed on it within 24 hours. It is clear by looking at this trading volume that Indians are investing/trading greatly in Cryptocurrencies.
Although, the government already announced to pass some regulations on cryptocurrencies shortly but the exact date/time for those regulations to come is not certain.
Let's hope for the best in Future of Cryptocurrencies in India.
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