In 2019, the Internet and Asso. of India (IMAI), sought to achieve financial freedom in the use of cryptocurrency as investment and trading tool. The IMAI did so by filing a petition with the Supreme Court of India to lift the crypto ban imposed by the Reserve Bank of India (RBI).
Subsequently in March 2020, India’s Supreme Court handed down a ruling declaring RBI’s ban as inappropriate and unenforceable. Primarily because the country has no existing law that renders support to RBI’s cryptocurrency ban.
Cons of an Unregulated Cryptocurrency Market
Yet the Indian Supreme Court’s verdict left cryptocurrency transactions open to all possibilities. The condition allowed the cryptocurrency market to operate without regulatory oversight. The RBI is wary because the most recent reports indicate that the value of the cryptocurrency market in India is currently pegged at $40 billion; indicating an astounding 20,000% increase in the past year;s $200 million crypto market value.
Globally, cryptocurrency enthusiasts rode the wave in the phenomenal rise of the digital assets, particularly bitcoin from which unparalleled gains were realized as returns on investments. However, unlike in other countries in which cryptocurrency transactions are subject to regulations, there is ambiguity in India on how income from crypto trade is to be taxed.
Moreover, the RBI warns India-based crypto traders and users to proceed with caution, since the unregulated virtual money market is susceptible to certain issues such as but not limited to:
- Scams resulting in economic losses;
- Perpetuate money laundering operations, and
- Possible use as funding for terrorist activities.
The RBI contends these are the same issues that prodded the Reserve Bank of India to impose the ban. The Parliament of India on the other hand, must pass legislation to prescribe policy and taxation guidelines governing cryptocurrency financial institutions, platforms and transactions.
The Role Played by Hustler University India in the Country
Inasmuch as the virtual money market is volatile and presents high risks, Hustler University established India-devoted campuses. Platforms specifically catering to India-based cryptocurrency enthusiasts provide learning programs that will enable newbies to participate safely, effectively and successfully.
Actually, Hustler University has several curricula delving into modern wealth creation methods, and crypto trading is only one of them. The university imparts basic knowledge to enlighten users about the concepts of decentralization and of blockchain technology. Moreover, as students make progress, they can practice the trading and investing skills they learned from the program by way of crypto trading simulators.