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India to Implement Regulations on Cryptocurrency From 31st March 2018

Cryptocurrencyis not able to raise its value due to the odds which are not in its favor. Few countries like China, South Korea, and India are having continuous insecurities when it comes to the cryptocurrency.

They are regulating and banning anonymous trading to save their place from scams and fraud all around. Due to the increasing number of robberies for digital currency and scams that can empty your digital wallet, these actions are important to implement. In India, it’s still not implemented yet and people out there are waiting for the clear signal to go.

The Indian government is not accepting cryptocurrency as a legal tender and authorities in India are active now to stop the economic growth of cryptocurrency. It will be impossible in India to go through anonymous trading. Subhash Chandra Garg who is a secretary in the department of economic affair said that we are all set to regulate cryptocurrency from the 31st March.

This rule will be implemented from March and onwards. Before 31st of March 2018, the government will come up with the rules which should be legal and easy to verify all around India.

According to India regulations will help cryptocurrency in making its place as a legal currency. People will be able to use without any fear of performing something which is not legal in the country. As per the statement of Finance Minister, regulation will also help in stopping criminal activities like money laundering, terror financing and buying of weapons without a license.

After the implementation of regulations, people will be able to keep cryptocurrency as a legal asset and can use it whenever they need it. The income tax department has already sent notices to the Indians who are doing bitcoin transactions more than (INR 1 Crore) and it is illegal to use this major amount.

India to Implement Regulations on Cryptocurrency From 31st March 2018
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Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous. It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers.

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