One of the hottest topics trending in India is Crypto. For its own purposes, it is now addressed as Crypto”assets” and not Crypto”currency”. Crypto is a fast changing industry where things become obsolete in a very short period of time. Governments are literally grappling to keep abreast on the happenings, while widening their current understanding & making framework for cryptocurrency regulation / adoption or the lack-thereof.
With India being the largest number of crypto holders, raking about 100 million wallets, the government has cut out a task for the representatives from both Government & the industry (read cryptocurrency industry) to come up with laws that look to strike a balance between it’s traditional restricted-currency mode of economy & to embrace the new wave of technology & become one of leaders in the crypto-embracing countries.
Everyday there is speculation that is rife which started from an outright ban on cryptocurrencies in India to conservative approach of government banning the Decentralized Exchanges (DEX) & Web3 based wallets. The news agencies are making a killing out of the prevailing situation, however the public in general are suffering at the hands of FUD created partly by news agencies & other influencers who have their own takes on this.
So, how to avoid giving your hard-earned money to the market & not turn into paper-hands.
- The first & foremost thing to keep in mind is to not panic. Panic buying or selling has never beneficial to traders / investors not just in crypto, even in traditional markets. Chances of losing what one has, is more than gain, when one panic buys / sells.
- Place your trust & belief in the technology. For one to be able to get this unshakable trust, one needs to learn & understand how crypto / blockchain works. Our advice is “Read the Bitcoin white-paper”, if you haven’t already. This will give you an idea on the basis on which the tech started out and where we are headed.
- Any country / government would certainly be hesitant and would not like to lose the “central” authority, especially in financial framework as it bears a definite & direct impact on economic aspects of a country. Expect the governments to be unwilling but yet pressed (due to tech) to regulate something as huge & critical as cryptocurrency is. No regulations will hurt the government more than regulations / acceptance of crypto.
- Regulations for crypto is not going to be a one-shot process. For a technology which is so dynamic, it is only fair that no governing body is going to get it right at first shot. Regulation will be an iterative process and will certainly evolve with time.
- Basing your decisions on unconfirmed news / rumors will make one lose one’s sleep. Even if a law regarding a certain aspect of crypto is not favorable right now, it is certainly not set in stone forever. Give it sometime to sink in & with time, there maybe better things that could evolve around the challenge or the regulation in itself will adopt the solution.
All said & done, it’s a wonderful time to be around in this space. There has never been a moment more happening than now. In one way or the other crypto is coming to spotlight. Easier said than done, holding panic and not worrying about future is at best, simpler to preach than practice. Education is the only way forward and as we say it in Twitter, WAGMI ! !
