Distinctive Crypto Approach as Automated Trading Becomes More Popular
Recently, it was announced that the Indian government plans to take a distinctive approach to regulate cryptocurrencies in the country. The Indian approach is going to be different from the western markets.
The information about this was announced by the Chairman of the Parliamentary Standing Committee of Finance, Jayant Sinha at a special online event. The comments made by the lawmaker come while the uncertainty in the Indian crypto market increases.
The main reason for the uncertainty in the country is mostly because of the long anticipation of regulations for bitcoin as well as the general crypto trading market in the country. While India is known for having a huge base of crypto exchanges as well as crypto traders, there still is no specific regulatory framework the government has adopted.
In addition, India has still not recognized cryptocurrencies either as a legal asset or currency in the country. Recently, at a HODL 2021 conference, Sinha announced that the country would not follow the steps of the US, Japan, or El Salvador in terms of the approach toward cryptocurrencies.
He also said that the solution that India adopts must be very distinct and unique for India, because of the unique circumstances of the country. In addition to this, he also said that the process of finding the best regulating approach will also include consultations with stakeholders as soon as the approval from parliament is granted.
In addition to this, the lawmaker also announced that the country needs to come up with legislation on cryptos that keeps national security and concerns in mind and act very carefully when looking for a way to regulate the crypto market.
Crypto Regulations in India
A few months back, in late January, the government of India issued a bill that prohibited all private cryptocurrencies in the country and created a new framework in order to create official digital currency issued by the central bank of the country.
Although India has still not found a way to regulate the crypto trading market, it can be said that the effort is there. One thing that is clear is that the country does not consider adopting cryptocurrencies as legal tender. In addition, it was also announced that the country would take all measures to eliminate the use of crypto assets in illegal activities.
However, while the government’s stance towards cryptocurrency regulations might be somewhat strict, the citizens of the country are still very interested in the crypto trading market.
Millions of people in India are trading cryptocurrencies every single day. One of the main reasons for this is how easy it is to invest in crypto. All you need is a good internet connection and you are good to go.
Automated Trading in India
Automated trading is a great opportunity for Indian traders who do not have enough time to analyze the market and trade cryptocurrencies on their own. Recently, the demand for trading robots in India has increased a lot.
There are numerous crypto exchanges that can be used by Indian traders and most of them offer crypto trading robots. Finding the best crypto trading robot in the market is a very important step towards a successful trading career. One of the best trading bots you can use right now is the Bitsgap.com trading robot, which is known for offering traders very high-quality assistance for crypto trading.
Bitsgap is a very well-known company, which offers intuitive crypto trading services. This includes arbitrage, signals, automated trading services, and many others. Known as a leading company in the automated trading world, Bitsgap can be a great option for those who do not have enough time to analyze the market data on their own.
It offers even the most beginners without much experience the ability to quickly become part of the crypto trading market, which can be very important for traders with less experience. Not only is this trading robot able to analyze the market for you, but it can also open and close orders for you and make profits while you go on with your day.
Bitsgap follows the highest standards of safety and security of its clients. By using an API key to connect with your exchange, it can automatically trade cryptocurrencies in a very short time, without you spending hours analyzing the market.
Trading automation is very popular in India. There are many reasons for this, one of the main ones being the fact that most of the traders from the country use digital assets as a way to earn additional income. The majority of these people already have regular, full-time jobs and they simply do not have enough time to trade cryptocurrencies on their own.
For these people, using trading robots such as Bitsgap bot is a great way to go on with their day, while also earning profits from the crypto trading market. Because of how easy it has become to get started in the market, crypto popularity is increasing in India very fast.
As the demand on the crypto trading market increases in the country, it puts pressure on the government and lawmakers to come up with a plan to better regulate the market. Although the country has still not decided what its stance towards crypto is, one thing is clear – Indians, especially the generation of the country, are very interested in the crypto trading market, and it is unlikely for this interest to go away.