Last Updated on 23/02/2022 by Nidhi Khandelwal
Indian cryptocurrency investors are anticipating an official decision on the country’s legal status for the digital currency.
Currently, legal rules in India do not apply to bitcoin and other cryptocurrencies. No central authority in the country has yet sanctioned or recognised digital currencies. They are exempt from any guidelines, laws, or rules, making Bitcoin and other altcoin transactions more risky because disputes resulting from these exchanges will not be tried in a court of law.
On being asked, the general population if they feel the Indian government will control the crypto market in order to have a better understanding of the general public’s views and beliefs on the subject.
Around 53.6 percent of respondents to the Analytics Insight study chose maybe,’ indicating that they are unsure whether the government will impose cryptocurrency trading laws. In comparison, 39.1 percent of respondents believe the government will implement cryptocurrency trading laws.
According to a survey, 7.2 percent believe the Indian crypto sector would remain decentralized and that the government will not impose rules.
Research shows that India’s attitude toward cryptocurrencies is changing, and investors and crypto aficionados have differing viewpoints. One of the most important features of cryptocurrencies is that it eliminates the need for centralization.
So, in order to gain a deeper picture of the respondents’ views on market restrictions, we questioned if they would continue to invest if the Indian crypto market was regulated. Almost 78.3 percent of respondents said yes, while around 21.7 percent said they would not consider digital currencies as an investment choice if the Indian government regulates the crypto market.
The worldwide bitcoin market is exploding right now. Every day, a number of new investors enter the market. However, mining is one of the many long-term downsides of cryptocurrency. Cryptocurrency mining necessitates a large quantity of electricity, depleting the country’s energy sources. Because India’s crypto rules have not progressed, the boundaries of legal mining remain hazy. Mining cryptocurrency is an energy-intensive activity, therefore establishing blockchain pools in India might be not only costly and time-consuming, but also drain the country’s energy sources.