Well, it is not the first time that the Indian government has pondered over banning cryptocurrencies. Initially, in 2013, when bitcoin was launched, the first few years went in hush-hush. The technology was new. This was something that was a store of value with no central authority.
Not only the government but also, enthusiastic investors were speculating how bitcoin will turn out to be. When after the end of 2016, this revolutionary financial asset made noise, the Indian government came to action.
Any government of the world is about authority, power and regulation. And bitcoin, or rather say, cryptocurrency, took that power from the government. There was no bank, no RBI or no scrutiny around your money. You held an asset and you did your investment, you used the money gained and you made sure your investment strategy works for you. There was no advisory, no policymakers, no brainwashing whatsoever. The bitcoin investment grew so much in 2017, that the Indian government had to come into action.
When wheels came, bicycles were invented. We all thought this is going to stay. Then came the motors and we thought the motor vehicles were going to stay. Then came the Wright brothers, who told us that we also could fly. But when the finite supply of automobile fuel would be exhausted, none of these would matter.
On the same lines, we thought writing letters is the best way to reach farther places. Then boom. The 2000s came and the internet was all over. The communication could be done in milliseconds.
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So now let us talk about what we cannot do when there is a ban. When we say the ban, we mean that the transactions between the bank and your crypto exchanges will be stopped. This means that you will not be able to convert your local currency into buying any kind of cryptocurrency. This also means that you will not be able to liquidate your HODLed cryptos and get them encashed. This means, your HODLed cryptocurrency will be on *HODL* for some time more until the ban is uplifted.
But what if you send your cryptos to someone who is not an Indian resident and belongs to a country where crypto is legal. Well, in that case, you can always send your acquired crypto, and get the equivalent INR in your bank. However, this procedure of exit would come at a cost. The foreign exchange cost and penalties would cost you more than the actual exchange fees, had there been no ban in your own country.
But, you still need to identify the catch here. By the above method, we see that the transactions that involve crypto are still possible. No government can ever tame the internet. The government tried to ban PUBG. The gaming community in India identified VPNs that would still make PUBG accessible to them. The government tried banning p*rn, but anything that is accessible to everyone, or is made available on the cloud, can never be fully tamed. The same goes with the decentralised and open source-based cryptocurrencies as well.
Unocoin is one such platform that lets its user buy, sell and trade 40+ cryptocurrencies. The transactional fees are very nominal as compared to the features that it provides. Unocoin has always respected and abided by the laws set by the government of India and RBI. But it also makes sure it creates a space where the crypto exchanges are smooth. Hence, Unocoin collaborated with Airtm for a cross-platform transaction. With this Unocoin - Airtm collab, any Unocoin user can buy any crypto from either platform in exchange for his/her local fiat currency and via the pairing coin US dollar Tether ( USDT), can convert his/her acquired cryptos into another crypto/fiat currency from the other platform.
It is like entering a bridge, walking on the bridge and reaching the other side of the river. With the USDT acting as a pairing coin or the bridge, the walk from one end to the other and back to the first end is possible.
While there are speculations on the cryptocurrency, the virtual currency enthusiasts know for sure, that these are only the ups and downs that come in their investment plan. India would eventually be a country where there will be no inhibitions over cryptocurrencies, sooner or later.
The writer is Co-founder & CEO of Unocoin Technologies Private Limited
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(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
