India is considering a ban on all private cryptocurrencies in the upcoming winter session of the parliament. If the proposed cryptocurrency bill is passed, no person will be able to mine, buy, generate, hold, sell, deal in, issue or transfer cryptocurrency. The bill aims to create a facilitative framework for the creation of the official digital currency for the entire country.
Amid raging debate on risks and benefits of cryptocurrency, an increasingly number of Indians are showing interest in this space and have invested their money on several cryptocurrencies like Bitcoin and Ethereum. The big question is should Indian private players come up with their cryptocurrencies and the kind of challenges they would have to overcome along the way.
Some of the Made In India cryptocurrencies include Big Bull, which is the world’s first make in india cryptocurrency and is currently available for purchase from trust wallet via binance smart chain as part of an IC; Polygon, which is an Indian blockchain scalability platform called ‘The Ethereum’s internet of blockchains’ and has already captured a place among the top 15 cryptocurrencies; Laxmi coin, which is a digital currency by the Indians for the Indians. Laxmi coin is an Indian-made digital currency that works on blockchain technology called Rover.
Meanwhile, the challenges uncertainty regarding legitimacy of virtual currency in the Indian market, heavy competition as the cryptocurrency ecosystem is growing rapidly across the globe, the tax department may send notice about crypto transactions and gains from them and cryptocurrencies could be the prime source of terror funding and hawala transactions.