Cryptocurrencies can make international payments more efficient, convenient and secure, while removing the cumbersome operational and security processes linked to the movement of conventional money. Digital currencies have been around for a decade, yet the regulatory systems governing them are fragmented, ineffective and, in some countries, non-existent. This allows illicit activities to flourish, from fraudulent Bitcoin traders who disappear with your cash to the financing of terrorism and international money laundering. Experts feels that, these new forms of money present both opportunities and challenges for the financial industry, policy-makers and consumers. Digital currencies can make international payments more efficient, convenient and secure, which improves overall economic efficiency.


Currently, India does not have any legal framework governing the issuance, use, and trade of cryptocurrencies. India is now expected to regulate cryptocurrency, a move away from the previous approach that originally sought to ban it. A legal framework to regulate and govern the growing demand on the cryptocurrency investment market in India may now see the light of the day by next February in the next general Budget. Keeping in mind that our nation’s success in the past three decades has come from ITeS-based solutions, if India is aiming to reach a $5 trillion economy, we cannot ignore the $1.7 trillion market that exists for cryptocurrencies. A forward-looking crypto policy can have a significant impact on improving our overall financial infrastructure, help safeguard national security, deter financial frauds, strengthen our monetary policy, attract international capital, create more job opportunities, and retain our tech talent to accelerate technological development, thereby driving the nation towards becoming a global powerhouse. Finally, the regulatory clarity would definitely benefit the cryptocurrency sector as a whole.

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