As noted in an article from Cointelegraph, the Indian government committee which was investigating the legal status of a few Indian exchanges, ruled in favor of them, thus making Bitcoin exchange a legit operation. Previously, a certain part of Indian politicians have been accused Bitcoin of being a Ponzi scheme.
In India there are 3 major exchanges: Zebpay, Coinsecure and Unocoin. All of them have been working with their own KYC and AML policies for a while (KYC = Know Your Customer, AML = Anti Money Laundering), in an effort of shielding their Bitcoin exchanges from shady operations. Seems like this paid off, as the Indian government is now allowing them to continue to operate.
Here's a short excerpt from that article:
On June 20, CNBC India announced that the Indian government committee has ruled in favor of regulating Bitcoin and is currently establishing a task force to create various regulatory frameworks with the aim of fully legalizing Bitcoin in the short-term.
Prior to the announcement of the Indian government, Chris Burniske, ARK Invest’s crypto lead, noted that the trading volumes in India have been on the rise. Burniske previously revealed that the Indian Bitcoin exchange market is responsible for processing around 11 percent of Bitcoin-to-USD trades.
I think Bitcoin, and potentially all cryptos, could be immensely useful to the countries where the money infrastructure is not very well developed. India has a long history of stark contrasts of wealth and poverty, and bringing access to value closer to people, in the form of cryptocurrencies, can only lead to good stuff, at least in my humble opinion.
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