The cryptocurrency industry is positive about the announcement at large and believes that the government is stepping ahead for a big awaited call in terms of digital assets.
After the intention of Russia to regulate cryptocurrency, Indian players across the globe are getting high hopes over the class of new-age assets. It is expected that India and Russia step ahead for crypto asset’s legitimization, and major economies join forces soon.
However, it has been made clear by India that legitimate or illegitimate are distinct questions from each other, and the government simply imposing taxes on crypto transactions, that is the sovereign right.
Moreover, the Russian govt of Putin is keeping eye on crypto regulations, bucking recommendations from the central bank to ban trading and mining of digital tokens.
The Crypto industry is positive at large on the belief and announcement that governments are stepping forward to take an awaited call in terms of digital assets.
BigONE Exchange Chairman, Anndy Lian said that Russia is embracing cryptocurrency which is positive news for the world. Investors in retail are starting to feel comfortable and bullish, on meme coins. India and Russia taking up the stand on cryptocurrency in, many countries and may take reference with them to follow footsteps.
Unocoin’s CEO, Sathvik Vishwanath said that it is a matter of that time when countries had started looking at the crypto industry in a more positive way.
However, players of the industry do not believe in joining the force to regulate cryptocurrency assets. They do not assume it as a viable option.
Cryptocurrencies are like bridges between new regulations at the place where we serve as the financial connector between different countries. The world would not come as the one that is not feasible for different nations. It means that crypto would be further monitored and scrutinized, accordingly.
It would be like a home that is unrealistic for specific guidelines applicable to the whole world. The regulations, taxation, and enforcement are different and need to be handled by the govt. Once regulations executing in different parts of the world may have a lot of changes. However, experts in this field said that authorities, governments, and regulators primarily focus on awareness and education about assets.
It is most important that the industry concerns that come from the technology to see if few companies are following monopolies like other industries. It might damage the fabric of the crypto world that is decentralized.