Sajjad Bazaz
Over a period of time, cryptocurrencies (virtual currencies) have emerged as a power house of return on investments. Despite controversies surrounding it, the number of investors in cryptocurrencies is only surging and multiplying in millions across the globe. Global investors have found cryptocurrencies as a dependable diversification tool in their investment portfolios.
The scenario in our country is not different as millions of investors stand invested in various classes of cryptocurrencies. The most amazing thing is that cryptocurrencies are not enjoying legal status in India despite a bill pending for final decision in the parliament. Even as the regulator Reserve Bank of India (RBI) has been showing extreme resistance against granting legal status to the cryptocurrencies in any form, the lack of decision on part of the government has already lent credibility to this class of the currency. In a unique situation the delay has encouraged investors to park their money in cryptocurrencies without fearing for any risk of losing the investment if the Government bans the crypto market.
However, by now it seems that cryptocurrencies won’t be banned in the country as expectations are visible that the regulations may be put in place to mitigate the risk of using these currencies as money laundering tools.
Despite strict anti-money laundering laws in place in India, the nature of cryptocurrencies remaining out of the ambit of…
