Cryptocurrency

India and virtual currency: Regulation formation not fast enough

India’s relationship with virtual currency has been a rocky one, ever since the SBI had issued a warning to the banks against lending support to the sector, it has been a tough battle between the well-wishers and the practitioners of cryptocurrency and the SBI. However, it can be believed that there was hope in the past that there is a chance that those involved in virtual currency will have a shot at being successful in India, however, it does not seem so lately. The Securities and Exchange board in India had sent its officials overseas to learn more about the field of digital currency, at that point, there was hope that there can be a more open, better-understood outlook to virtual currency. However, right now, it can be believed that it may be too late for any positive changes to take place as far as the relationship between India and digital currency is concerned.

A prominent example of the same is Zepbay shutting down its operations. The major reason for it is that they were unable to obtain permission for the funding of their activities from the banks. Banks, following the ban imposed by the virtual currencies, are unable to lend the necessary funds to the different ventures of virtual currency. It is for this reason that Zepbay has shut down its functions. Moreover, Zepbay had, for the longest period of time, adjusted to the norms of the Indian economic system, it had also been the major service provider in the region. Zepbay shutting down its operations has given a severe blow to the virtual currency sector in India. Increasingly, Zepbay had expressed the understanding of the agenda of the government to see to it that no malpractice, such as the evasion of taxes should take place due to the sector of digital currency. However, being supportive of the government and its norms did not yield Zepbay the support it needed to keep its operations going.

What also should be focused on is that the delay in regulating the virtual currency sector might lead to a complete decline in the field and there would be a minuscule chance of reaping any benefits that might have accrued had this field found better circumstances in the country. However, right now, it is being noticed that due to the delay in decision making, it is possible that several prominent exchanges are finding it difficult to survive and thus, there is a lot of anxiety regarding the fate of virtual currency in India.

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