Finance Minister Nirmala Sitharaman said the cryptocurrency bill was before the union’s cabinet and was likely to be decided soon. Proposed legislation on cryptocurrencies will be presented in parliament during the monsoons. But that didn’t happen. The source said
Edul Patel, CEO and co-founder of crypto regulation in India trading platform Mudrex, said: “We can expect a favorable and progressive stance of the government towards cryptocurrencies. The government is expected to assess every possible aspect. All of these events were born with positive expectations from digital currency billing”
The Inter-Ministerial Committee on Cryptocurrency under the secretary (Economic Department) has studied the issue of virtual currency and proposed specific actions in the report. Considering the growing opportunities in this space, Siddharth Menon, COO of the cryptocurrency exchange, said that calibrated regulations that support the industry and protect consumers will help the ecosystem grow. “We don’t know the details. But we expect it to be positive. When we have more details we will comment Otherwise it is pure speculation,” Menon added.
Some experts say India cannot be a backward country as the world moves forward with blockchain technology. This has led to reports that crypto as an asset class may be allowed in India. But the government is not accepting it as legal at this time.
Crypto enthusiasts are betting on the view of analysts who say there may not be a comprehensive ban on cryptocurrency. Menon was among those who didn’t think there would be a blanket ban. The government understands that digital assets do not pose a threat to the national currency. “Moreover, it is a new and growing global fintech industry. India cannot stay far behind,” he added.
No one is sure yet about the government’s stance on the bill, Patel said, but added: “The legislation without a comprehensive ban will undoubtedly boost the crypto ecosystem in India.”
Experts say there is a good startup ecosystem that spreads across cryptocurrencies. India has around 15 million people trading cryptos, a Bloomberg report in June said. Investors should not panic, said Sharan Nair, chief business officer of cryptocurrency exchange Coin Switch Cube.
In April 2018, the Reserve Bank of India (RBI) advised all institutions regulatory framework by banks not to handle cryptocurrencies. In 2020, the Supreme Court canceled the 2018 central bank circulation and allowed banks and financial institutions to provide services. In May 2021, the RBI allowed banks to promote cryptocurrencies. “There is not much difference between the central bank and the treasury,” said RBI President Shakhtikanta Das. Negative news from the government will have the same impact as in 2018, when most operators have stopped working in the area or left the country, Menon said. And there have been a lot of crypto projects going on since then, with tech talent coming into this space.,” he added.
India Ranks 1st Countries with the Most Crypto Owners in the World
A new generation of crypto-investors pushes India to become the number 1 country with the largest number of crypto-currency holders in the world. Survey of Cryptocurrency Investments in 50 Countries by Cryptocurrency Brokerage Companies BrokerChooser found that India had the largest number of cryptocurrency holders in the world at 10.07 million, followed by the US (2.74 million) and Russia (1.74 million).
But if compared as a percentage of the total population India will be in fifth place with nearly 7.3% of India’s total population owning a cryptocurrency, with Ukraine (12.73% of total population) ranking followed by Russia 11.91%, Kenya 8.52% and the US 8.31%. For Indian cryptocurrency investors Most of them entered the industry at the end of last year, when the cryptocurrency grew seven times and the investment value increased from $923 million last month April last year to $6.6 billion in May this year.
Meanwhile, a research from British consulting firm Kantar found that 16% of Indian urban residents own cryptocurrency. And most of them are men under the age of 35 who are more at risk than those who deposit money in banks. It will invest a small amount averaging 30,000 rupees or about 13,312 baht and the most popular currency is Bitcoin, followed by Dogecoin, Ethereum and Shib. The number of cryptocurrency holders in India is surprising, especially the legal status of digital currency in India.
Bitcoin attracts huge support from investors in India 2022
Indian investors are jumping into the Bitcoin community and are looking for potential startups to understand how cryptocurrency It could become the norm in the future. Angel investors and VC-backed funds have been approaching legal professionals, experts and start-ups since the Bitcoin India Alliance, an alliance of Bitcoin-related companies in India.
We are looking at bitcoin startups at the moment. So far it seems extremely interesting and in the next two weeks we may confirm investors. Strongly convinced that Bitcoin will witness sustainable investment in India, Mirchandani added, “It is only a matter of time before Indian VCs get in the way of this also the chairman of the Indian Angel Network Padmaja Ruparel has expressed a desire to invest in a Bitcoin startup and has even chosen a few for investment purposes.
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