India has stated that they will not treat cryptocurrency as though it is a legal form of currency in the coming years. The country has also stated that they will attempt to stop the use of cryptocurrency for everything from money transferring to payments. This is not something that is unexpected, given that the country recently sent out a wide variety of tax notices to those who were involved in the crypto world. After realizing that the industry was evading around $315 million worth of trading and their subsequent taxes, the country realized that it had to do something.
The country has reportedly put out a number of warnings in place, stating that cryptocurrency is no more than a Ponzi scheme. This regulation comes only a day after South Korea released a statement saying that they would be regulating instead of banning cryptocurrencies. Despite the two countries sharing a similar opinion about cryptocurrency, South Korea has decided to work with traders instead of actively working against them. Given that a hacker stole over $500 million in cryptocurrency from the Tokyo based exchange Coincheck, many countries have decided to begin putting regulation into the market to help avoid this from happening even further.
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The market on cryptocurrency is still relatively in its infant stages, leading to a wide variety of these types of criminal activities happening. As the market is able to mature and grow, the hopes are high that regulatory agencies will continue to work with those who are in the industry as opposed to actively working against them. Only time will tell what happens to the specific markets in different parts of the world as the governments attempt to put regulatory measures in place. The coming year will definitely be an interesting one for the world of cryptocurrency.