Indian lawmakers and digital currencies

India has the second-largest population in the world with more than 1 billion citizens. India also has one of the largest economies in the world. It means that the country has a huge potential when it comes to digital currencies. It is worth mentioning that India established itself as one of the world’s best technology hubs. All of the reason mentioned above creates favorable conditions for cryptocurrencies.

Nevertheless, one issue can derail the plans of local as well as international investors to develop the digital currency market in India. Governmental and private organizations have different ideas about crypto regulations. The lack of proper regulations is often cited as a serious drawback of the digital currencies. Governments around the globe are trying to find the solution which will satisfy all sides. This is a huge issue, and no one should expect that it will become obsolete any time soon.

The Indian government is not an exception. However, the draft legislation can seriously affect Indian companies and individuals. This law will make the Indian markets less attractive to the crypto owners. According to the draft, legislation person can receive a 10-year prison sentence for crypto mining. Other illegal activities included in the list are buying or selling cryptocurrencies and other activities associated with the digital currencies.

As mentioned above this law will practically criminalize this emerging market. Nischal Shetty is the CEO of the cryptocurrency exchange WazirX. He said more than 5 million Indians own digital currencies. It means that all of them will have to get rid of their assets. Indian lawmakers should reject this law as it will jeopardize the freedom of millions of its citizens.

Digital currencies on September 17

Bitcoin was unable to hold the momentum, and its price fell to $10.100. There is a chance that the price of Bitcoin may even fall below $10,000.

Ethereum, on the contrary, is on the rise. Its price is $197.86. It means that it is very close to surpassing the $200. If it is going to break the resistance level price may even reach $205 or more.

Last but not least is the news connected with another digital currency which is the Litecoin. At the moment Litecoin’s price is more than $72, more precisely $72.69.

It is in the interests of the Indian government to develop the digital currency market. The price of Bitcoin remains above $10,000 on Tuesday.