Make Crypto Currency Exchange Legal in India by recognizing its benefits.
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By announcing Crypto Currency is not a "Legal Tender of Exchange" in India again and again, Government is trying to rupture the Crypto Market.
Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto.
- Everything should not be controlled by Government.
- Even INR is used to facilitate illegitimate activities. Unlike INR Crypto currency with right technical knowledge can be traced back to its Owner.
- Government should look into curbing Illegitimate activities by tracing instead of making it illegal.
- Hire technically skilled staff to look in to the matter of Crypto Currency if you do not know how well it can be used.
- Consider to regulate Exchange with Strict KYC norms.
- Every Crypto Currency or Coin is created with a purpose. Such purpose can be analyzed in GIT by checking their whitepapers, the intended purpose etc.
- Even INR can be subjected to theft it doesn't mean INR Should be banned.
- Regulate exchange with strict security measures instead of making it illegal.
The Crypto Currency should be allowed to Trade at ease, utilize its technology in various Sectors such as Land Records, Core Banking, Stop the illicit transactions by regulating it instead of making it illegal.
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