Do you want to know the Future of Cryptocurrency in India? This will be decided after the bill comes in Parliament. Because very soon the government is going to introduce the Cryptocurrency Regulation Bill in the Parliament. In such a situation, the biggest question in the mind of investors is whether cryptocurrencies are banned, what will happen to their money. So we tell you about the complete research that will be the way forward on cryptocurrency. In such a situation, if the ban is imposed, then the transaction between the bank and your crypto exchange will stop. You will not be able to convert rupees to dollars or other currencies to buy cryptocurrencies. Also, by selling crypto coins purchased in other currencies, there will be no transaction in rupees.
Here are some points to know the Future of Cryptocurrency in India
How big is the crypto market in India?
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Let us tell you that at present there are 10 crore such investors in India. Whose money is invested in the crypto market? It is claimed that about 6 lakh crore rupees are currently invested in the crypto market of Indians. In, on average, every investor has an investment of 9 thousand rupees. The government’s concern about cryptocurrencies is that 60 percent of the investors are those who come from small towns. Apart from this, the average age of investors is 24 years. Meaning most of the youth are associated with this new type of investment market.
Cryptocurrency & digital currency?
Cryptocurrency is different from the common currency. Can neither touch it, nor buy anything from it, but can only keep it online. The reason for concern is that there is no regulator regarding this currency. No government in the world has control over it. There are currently more than 1,000 cryptocurrencies in circulation in the world and there are more than 308 crypto exchanges. This market was started in 2009. The fluctuations in the prices of this currency are very high. During the Corona period, the crypto market in India has reached a great height, while digital currency is the liability of the central bank. It is issued only by the central bank, so its prices are controlled by the central bank.
When What Happened to Cryptocurrencies in India?
In 2018, the RBI banned cryptocurrencies in India, but in March 2020, when the matter reached the Supreme Court, the court lifted the ban, but concerns about the cryptomarket continued. On November 11, 2021, the RBI Governor expressed serious concerns over the cryptocurrency. After this, for the first time on 13 November 2021, PM Modi held a meeting on the crypto market. After this meeting, questions began to arise continuously on the cryptocurrency. On November 15, 2021, crypto was discussed in the Parliamentary Committee and talks were held on regulating instead of banning in the Parliamentary Committee. After this, in the Sydney Dialogue on 18 November 2021, PM Modi once again expressed concern over crypto.
Which country’s stand on crypto
There are serious concerns about crypto in India, but El Salvador declared bitcoin a lager tender, while the US is formulating its policies on cryptocurrency. South Korea is also considering enacting a law to regulate this currency. However, China is constantly opposing this currency.
Which cryptocurrencies are afraid of going private
According to experts, there are some private cryptocurrencies whose activities have been suspicious. That is why there is talk of banning these cryptocurrencies. Some names in it are like this. Monero(XMR), Dash Coin, Zcash(ZEC), Verge(XVG), Beam, Grin, Horizen(ZEN), Firo(FIRO), Byte Coin(BCN), UCoin and Delta. Although there was a mention of banning cryptocurrencies in the name of the bill introduced by the government in 2019, but by 2021, the word ban has been removed from the name of the bill, after which cryptocurrency investors have got hope. Now overall, the wait is for the draft to be presented in the Parliament, in which the picture will be clear, whether the crypto market will continue to run in India or the earnings of the investors will be drowned.