Why are Indians Keeping their Crypto Assets in the Phase of Uncertainty?

Despite the uncertainty around regulations and the legality of cryptocurrencies, Indians continue to keep their crypto assets onto them in large numbers.

Indians Keeping Crypto Assets During The Uncertainty Period

“I bought Dogecoin when it saw its first downturn at the end of April. The only reason was that its first jump was big, which gave me optimism that more would follow. I hung on to it for a few weeks before selling it during the following wave.” Dilesh Tanna, a 23-year-old Mumbai investor, said. 

However, his leaving does not imply that he converted the coins to rupees. He has Bitcoin and plans to preserve it for as long as possible.

On the other hand, Suraj Pawar purchased Bitcoin in 2017 and has earned a fortune by hanging onto it. He was an engineering student at the time, and he was enthralled by what cryptocurrencies promised. He’s kept them ever since.

Cryptocurrencies have always advocated for one thing: a decentralized blockchain network devoid of state-sponsored meddling. Bitcoin was developed in 2009 to compete with fiat currencies, which are frequently regarded as outdated and inefficient. 

SEBI Should Be Invested As A Possible Crypto Regulator

In India, cryptocurrency exchanges have requested that the government examine SEBI as a potential cryptocurrency regulator.

In India, cryptocurrency exchanges have requested that the government examine SEBI (Securities and Exchange Board of India) as a potential cryptocurrency regulator. The primary argument is that cryptocurrencies such as Bitcoin and Ethereum are assets and hence do not fall under the scope of the RBI (Reserve Bank of India). The RBI maintains the rupee and oversees the macroeconomic health of India’s financial institutions.

The term cryptocurrency directly translates to “cryptographic currency.” So, why are crypto exchanges requesting that governments classify the instrument as an investment rather than a currency?

Cryptocurrencies are no longer regarded currencies since, according to the traditional definition, a state must support a currency. Most significantly, the end-options users for purchasing anything using Bitcoin or Dogecoin are limited. While there is still a network of specialized companies that take cryptocurrencies (such as NFTs), they are in the minority. It cannot be termed a currency until the tokens can be used as legal cash on the ground.

“Cryptocurrencies are now volatile due to speculation and individuals such as Elon Musk [of Tesla]. The underlying point is that Bitcoin may or may not be the future. However, blockchain as a concept is here to remain, and that is where we are investing “Dilesh confirmed it once again.