Without any doubt, it is possible to make a living out of trading digital currencies. We can see that there are a plethora of people who have succeeded to achieve that level since 2009 and the introduction of BTC. Naturally, we can see that this is not an easy task as many people perceive it. Naturally, to be able to trade in digital currencies, every trader needs a certain tool that will make it possible for them.
In case you are interested in taking a look at one of these, be sure to take a look at bitqt-app.com. Those people who have been present in the market since the beginning find it pretty easy to overcome all the obstacles in this journey. Even the nature of the cryptocurrencies, which is pretty volatile when it comes to their price, is a heaven for them.
They manage to anticipate when the price drop is going to happen and when they can expect the rise, which is unexpected by many, most of the time. As you can presume, it takes a lot of time to achieve this status, both in terms of time and experience. Recently, we’ve been able to see the problems that have arisen in India.
The government is planning to make digital currencies illegal. Not only that, anyone who has participated in the market can expect to receive a ten-year sentence, which is pretty harsh by anyone’s standards. Therefore, this journey has been made pretty hard in this country.
However, the question is, are there still possibilities to participate in this market and being legit at the same time. Well, since this is a pretty hard question to answer, we would like to talk about the whole process and what can be expected. Let’s take a look at what we know so far.
Table of Contents
What Was the Situation Before the Newly-Imposed Regulation?
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We can see that the Indian cryptocurrency market was a pretty busy one. At the same time, we can see that the proportions weren’t as people have been expected. India’s population amounts to 17% of the global population.
At the same time, we can see that the number of traders in this country makes around 1% of all traders in the world. Nevertheless, the market was a pretty busy one, with a lot of people holding, selling, or mining BTC and other cryptos. Sadly, the projections that the whole market will collapse due to the regulation imposed by the government.
Plans for National Digital Currency
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Any trader has heard that there are countries that plan to introduce their own, national cryptocurrency. We can see that Russia, China, and South Korea were the first ones who have claimed this. In the last couple of years, we can see that India was among these countries.
The name of the potential national crypto was Lakshmi, which is the name of the Hindu goddess of wealth and money. Sadly, we can see that this plan was to no avail. There are a lot of problems that have emerged during this process, one of them being the global pandemic of COVID-19. Therefore, the government has decided to ban all digital currencies.
The Proposed Regulation
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We’ve mentioned that the proposed regulation predicts pretty severe penalties and punishments for anyone who’s been participating in the market in the last couple of years. At the same time, traders from this country point out that the proposed law doesn’t leave them with any kind of space for selling their stash and turning legit at some point. While there’s no confirmation from official institutions, traders claim that this is exactly what the government aims at. So, you see just how complicated the situation really is.
The Negative Perception
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We can see that there are a lot of negative allegations towards cryptocurrencies as a concept. Surely, you are aware of the fact that these transactions have been labeled as a potential for money laundering and terrorist funding. While these allegations cannot be confirmed, there are surely possibilities for this to happen, and it can’t be said that this is not something that already happened. All the world has heard about ISIS and its alleged e-wallet where they have accepted numerous donations from all over the globe. Naturally, this cannot be confirmed by anyone.
The Problem with Mining
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Anyone who’s participated in any kind of mining surely knows that there’s a problem with this concept nowadays. For example, small miners are now in huge problem. They are not able to do it as they used to do it. In the beginning, everyone had the opportunity to mine from their own homes. Sadly, we can see that the situation is widely different these days.
Now, there is a specialized software that has the task of providing them with this possibility. At the same time, we can see that large companies have starting mining cryptos, which makes it much harder for smaller miners to achieve the success they were used to a couple of years ago. Before the new legislation was introduced, small traders in India faced the same problem that has been present in other corners of the world.
Is it Possible to Trading Cryptos in this Country?
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In case you asked us this question a couple of years ago, we would say definitely yes. Sadly, we can see that the situation is widely different now than it has been in the last couple of years. Now, today we can see that traders are threatened with ten-year sentences, which nobody would like to face, right? Therefore, the situation looks pretty uncertain for these people in the future.
The Wrap-up
Now, we’ve got to the bottom line of this article of ours. It needs to be said that making a living of digital currencies in India is a pretty risky business and we wouldn’t recommend anyone to start participating in this market before the situation is resolved. Maybe in the future, there will be some opportunities for them to do it legally. For the time being, we wouldn’t recommend someone to participate in the market. Maybe the future will be bright for this concept, who knows?