I have been staring at crypto news all week.
I have not yet invested in this “asset.” I would prefer calling it an “asset” over “currency” because in India it is not yet a legal tender.
My interest piqued when I heard of India’s involvement in Polygon/Matic. It was all over the news. A person who has not yet invested in crypto (i.e. yours truly) ended up watching a dozen new videos and reading comprehensive news articles on Matic (hello, patriotism), wondering dreamily when she will ever be able to invest in it confidently, without fearing the consequences of strict protocols that the government may or may not enforce later on. I even consumed with much interest a YouTube video on whether Matic would survive after Ethereum 2.0. All this makes zero sense to me as I am a new believer, but my curiosity seems to have taken over, wanting to know the future. All the answers I got were in the positive (for Matic). It has now become a forbidden fruit of sorts.
This is a big shift from how I was a few months back – an overconfident cynic who was pretty damn sure she would never buy crypto. “Too volatile, no regulations, weird names” My reasons were plenty. People change, so did I. Realizing the ever-growing power of virtual currency world over, it would surely be a step back, if India were to ban it completely.
I was proud that India got into the world of crypto (that too successfully), and also felt a bit dejected when the promoters of Matic said they couldn’t promote or advertise it in a way they would like to, because of India’s current stance on virtual currencies. Hopefully with crypto exchanges like WazirX fighting for #IndiaWantsCrypto, the officials will take notice, and newbies like me can also venture into a zone that has gained immense popularity worldwide. Call it FOMO or whatever you wish, but no one can negate the solid growth crypto is experiencing.
I still have to wait though, for the Indian government to make its stand clear. And this the story of many in India. Why?
Because, for a safe investor like me, playing by the government’s rulebook is of absolute importance. India does have a lot of crypto investors, who are fully aware of the risk factors that come with possessing an unregulated asset, but they continue to do so as they are ready to take that risk. Buying and selling crypto in India is not illegal, but the government sending across mixed signals makes it a bit tough for many like me to jump into the bandwagon with surety.
Hopefully, soon enough, we will get to know. Hopefully, by then, crypto would have not lost its charm.