Over the past few months, the Indian government has been going through the ins and outs of cryptocurrency. The country plans to impose a clear regulation on crypto to replace the present ambiguous laws. However, doing so would require a clear understanding of how the sector works. To do so, the Prime Minister of India, Narendra Modi, had several meetings with some of the top cryptocurrency entrepreneurs in the country. Unfortunately, the only takeaway from those meetings was the prime minister’s warning to crypto exchanges against aggressive advertisements. It is expected that the winter session of the Indian parliament will finally come up with a clear framework for cryptocurrency regulations within the country. In the past, sources suggested that the Indian government does not intend to ban crypto as an asset. However, the government would prohibit its use as a currency.
India is one of the most promising markets in the world, both in terms of size and potential. Many Indian crypto startups have reached unicorn status in a relatively short time period. Despite many possibilities and promises, the country has no clear cryptocurrency regulation framework. The situation becomes even trickier, considering that the government might soon announce its official cryptocurrency regulations. If the framework goes against cryptocurrency firms in the country, it will be a huge blow to the global cryptocurrency market. On the other hand, the entire crypto industry would benefit from laws that make it easy for crypto entrepreneurs to run businesses.