India, Feb. 14 -- Cryptocurrency is not illegal, but it isn't legal, either.

The fate of cryptocurrencies in India stays cryptic in a largely unregulated environment, despite repeated scams taking a major toll on investor confidence. While the government's plan to float its very own digital currency adds some faith in the digital asset, raging headwinds of malicious trade and unfavourable macro fundamentals have deepened the uncertainty in the market. Only a few homegrown companies have stood firm even in such times of turbulence.

"Stability is what we need at this hour," believes Ashish Singhal, who cofounded CoinSwitch Kuber, which is one of the only two cryptocurrency unicorns in India.

Singhal, who is also the chief executive of th...