Cryptocurrencies on the Watch in India

India is seen to be a technologically advanced country, with many specialists in different fields of technology. Blockchain and Cryptocurrency go hand in hand in developments in terms of technology, however, the recent clampdown on these technologies has moved India many steps backward.

Cryptocurrencies on the Watch in India
Cryptocurrencies on the Watch in India

Anti Corruption watchdog is probing into cryptocurrency transactions were taking place in India. The way these transactions are occurring, suspicions on it being used for shady businesses is on the rise. This has led to this anti-corruption watchdog to have a briefing on the situation of cryptocurrency in India.

What is interesting is these same anti corruption watchdogs have put in several forces to work against cryptocurrencies, from the petrifying Income Tax Department to the Enforcement Directorate to even the Narcotics Control Bureau. Cryptocurrency unlike tax evaders who are recently becoming a known group of rich scamsters has instead helped benefit the country. These watchdogs are doing nothing but waste a technology which can take India into the realms of development.

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So far the Narcotics Control Bureau has unveiled four drugs smuggling transactions that took place. This has happened in the last two years, and it’s all thanks to cryptocurrency. Now what needs to be analyzed is with any technological development something in the dark shadow is bound to arise. Hence regulation is the answer and not complete banning or putting high power with watchdogs.

During the last few months, countries all over the world are taking calls on regulations that will control cryptocurrency along with whether they are helpful or not. The Indian government has proved itself to be not at all pro cryptocurrency but instead a government that wants the country to stay away from it. Many Indians who want to start a cryptocurrency business do so by registering outside India as a result. If India decides to completely ban cryptocurrencies many countries will benefit from the n number of opportunities which India could have taken.