Category: Market Analytics – Cryptocurrency News & Trading Tips

Alejandro Maldonado julio 6, 2022 5 m

Dinero fiduciario y criptomoneda: ¿cuál es el futuro?

Si quieres invertir tu dinero fiduciario en criptomonedas, este tipo de negocios se han convertido en una opción interesante. Con la masificación de los activos...

Intermediate

Alejandro Maldonado junio 10, 2022 6 m

Por qué suben y bajan las criptomonedas

¿Sabes por qué suben y bajan las criptomonedas y sus valores? El precio de ellas es inestable. Estos activos digitales tienen la particularidad de que...

Intermediate

Ann Chandler noviembre 2, 2020 5 m

Por qué DeFi va a fallar: solución y consecuencias

Las plataformas DeFi son abiertas, transparentes y de auto-custodia, pero ¿cuáles son sus desventajas? En este artículo Changelly explica por qué el sector DeFi puede fallar.

Beginner

Ann Chandler octubre 21, 2020 5 m

La encuesta de adopción de Bitcoin se alinea con las tendencias posteriores al Coronavirus

Changelly analiza la encuesta de adopción de Bitcoin realizada por The Tokenist.

Ann Chandler septiembre 22, 2020 4 m

Osos vs. Toros en Criptomonedas: Agentes del Mercado

¿Quiénes son los toros y osos en términos de mercado de criptomonedas? Changelly describe el significado y descubre el mundo de los agentes del mercado de criptomonedas.

Cryptocurrency continues to sweep over the world, with more and more countries adopting it at some capacity. Sometimes it is full legalization, other times it is more of a situational usage, but it happens all the same. Changelly team is always on the case and ready to tell you all about new developments in the crypto world. This time, we will take a little trip to India and how cryptocurrencies settled in there. History of Bitcoin and Crypto in India Ever since the dawn of crypto back in 2011, the people of India were among the early adopters of cryptocurrencies, with some becoming major contributors to various blockchains. However, for a long time, its status in India remained uncertain. Only in 2013, the Reserve Bank of India (RBI) made its position on the usage of crypto clear. Sadly, their response to the increased number of cryptocurrency transactions was to caution its users, holder, and traders against it. However, they stayed silent on the question of its legality, and their silence on that matter continued until 2017. During that time, quite a few companies working with crypto were shut down, and the overall atmosphere regarding its usage was bleak. However, in 2017 the situation for Bitcoin in India quickly began to worsen. During that year, RBI prohibited regulated entities to use cryptocurrency (or Virtual Currencies, as they call them). That lead to many companies delving in them to drop that field or face possible sanctions for violating this ruling. And in the year 2018, it was completely banned by the decision of RBI. At the same time, however, blockchain technology and what it offers started to gain attention in India’s government. Some of RBI’s whitepapers between 2017 and 2019 had researched possible applications of blockchain to the current institutes, especially regarding the security of transactions. It also faced a few petitions against their ruling of 2018, while in 2019 the government was obligated to form a cryptocurrency policy by the Supreme Court. This dichotomy couldn’t continue for very long, as cryptocurrencies and blockchain are intertwined very closely. The most recent happenings have proven it, but we’ll talk about them later down the line. Why Bitcoin was Illegal in India One of the main official reasons behind the ban was the RBI’s concern about the lack of control and regulation over cryptocurrencies. WIth them being a great tool to use for scams and money laundering schemes, it only exacerbated the worry. However, as the government started to research and notice different ways that blockchain could be implemented, as well as the rise in the cryptocurrency market worldwide, it quickly became clear that they couldn’t ignore or ban crypto for long. Especially since the enforcement of this ban is quite costly and ineffective. This lead RBI and the government to search for possible ways to legalize Bitcoin and other cryptocurrencies in India. One such way was proposed by RBI, and it was to completely ban cryptocurrencies, at the same time replacing them with the government-issued crypto. This might seem like a good idea, as this way the government would be able to regulate its usage and prevent (or minimize) scams and money laundering. However, it also shows a lack of understanding of the processes behind cryptocurrencies and what makes them so popular and effective. And one of the main reasons here is that they are decentralized. Meaning that they will continue working even if something happens to the majority of nodes. The same could not be said about the government-issued currency, as it would have quite a few weak points. It will require regulations, slowing transactions, as well as being less secure (with the regulatory body becoming a large and clear target). It would mean slower development, as new features would rely on the government’s needs and not on the enthusiasm of the developing team and community. All in all, government-issued crypto would not be as popular (or efficient) as the already existing ones. Newest Happenings on Crypto Front However, before any of those ways could be truly tried and tested, something really great happened. On March 4, 2020, the Indian Supreme Court overturned the RBI’s ruling from 2018 that banned the usage of cryptocurrencies by regulated companies. That, along with the obligation for the Indian government to formulate a policy regarding crypto, opens up a lot of new possibilities once again. This would allow Indian companies that deal with crypto to use banking services once again, allowing them to expand much quicker, at the same time opening up the Indian crypto market for legitimate businesses once again. With that, we can expect a significant rise in the number of cryptocurrency users, traders, holders, as well as companies dealing in Bitcoin and other cryptos originating from India. However, what would happen we can only guess. Still, with a new market opened up for Bitcoin in India, we can expect a lot of good things to happen for the crypto world as a whole. You can easily jump on that bandwagon and buy any crypto you wish with via our widget. Bottom Line With that, it is time to conclude our short overview of the crypto situation (and history) in India. As you can see, even if Bitcoin was off to a rocky start in India, and even got banned in 2018, it didn’t really stop the crypto enthusiasts from using and contributing to it. And now, with its government considering the possibilities that cryptocurrencies offer, it opens up a new field of possibilities for Bitcoin in India, both for crypto enthusiasts and companies dealing with crypto. Stay tuned for more trips down the crypto memory lane with us!

Intermediate

Mariia Rousey junio 16, 2020 5 m

Regulación de Bitcoin y las criptomonedas en India

La criptomoneda continúa barriendo el mundo, y cada vez más países la adoptan con cierta capacidad. A veces es una legalización completa, otras veces es...

Intermediate

Mariia Rousey abril 13, 2020 7 m

Cómo predecir el futuro del mercado de criptomonedas

La criptomoneda goza de la atención tanto de los medios como del público en general. A medida que la demanda crea oferta, muchas compañías ofrecen...

How Coronavirus Affects Cryptocurrencies and Mining

Beginner

Mariia Rousey abril 7, 2020 7 m

Cómo afecta el Coronavirus a las criptomonedas y la minería

El coronavirus (COVID-19) avanza con confianza por el planeta, extendiéndose a todos los países. Esto afecta negativamente a la economía global. Las principales capacidades mineras...

Análisis Del Mercado De Criptomonedas De Nuestros Expertos