Cryptocurrency markets, which have reached a worldwide frenzy, are counting the days to gain legal status. After the bans in China and Iran, India took a step forward and soon the cryptocurrency markets could be traded within the law. In a report by HDFC, one of the largest banks in India, it was stated that cryptocurrencies in the country are expected to gain legal status in the near future. “We expect investors to have legal access to cryptocurrencies in India in the near future,” the HDFC report said. HEDGE CAN ALSO BE USED HDFC's report also stated that crypto assets can offer a hedge in other asset investment. While mentioning that the only negative aspect of cryptocurrencies is that they are very volatile, the bank stated that this area should be closely monitored in an environment where central banks are also considering issuing cryptocurrencies. “Cryptocurrencies can also become an asset class like gold,” he said.