The recent cryptocurrency ruling has paved way for investors amid a tense stock market, but it’s important to keep these points in mind before doing so.
According to industry experts, being an everyday investment medium is only one of the many perks that cryptocurrency can bring for the Indian economy.
With no more uncertainty about cryptocurrencies in India, stakeholders expect investors and entrepreneurs alike to work on the new technology.
The Reserve Bank of India (RBI) had ordered financial institutions to break off all ties with individuals or businesses dealing in virtual currency such as Bitcoin within three months, in April 2018.
Nations such as Belarus, Malta and Gibraltar are crafting cryptocurrency-specific legislation to provide a wholesome package for investors with an appetite for risks.
As reported by CNBC-TV18, the associated risks and price volatility have urged the inter-ministerial panel to suggest a ban on private cryptocurrencies.
Not citing the example of the recently launched Facebook Libra cryptocurrency, FSB chairperson Randal Quarles stated that use of digital money in retail payment should warrant closer examination.
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