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Indian Investment in Cryptocurrency has reached 6.6 Billion Dollars

Since the beginning of the Covid-19 pandemic, Cryptocurrency has accumulated a lot of interests globally. The Crypto network in India has been a revolution for the past couple of years. Despite the confusion in regulations and the volatility of crypto market, a lot of Indians prefer crypto rather than putting their money in gold. 

This massive growth in crypto investment has paved the way for new investors with ambiguity behind. We all know that future of cryptocurrency is totally unpredictable, the government of India has realized that the blockchain technology could be the way towards digital India initiative and also contributing to the economics of the currency itself.

From Gold to Crypto

Back in 2018, the Reserve Bank of India had imposed ban ordering banks to stop supporting crypto related transactions, this was the time when crypto was getting a lot of attention in India. It started from the fact that the anonymity of cryptos would lead way to frauds and criminal activities in the country.

In May 2020, The Supreme Court of India turned down the ban citing that there are no strong grounds for imposing such ban on crypto. 

After this announcement, the crypto craze spark in India was reignited. Within couple of weeks, Indian investors started to pour money into cryptocurrency who didn't get opportunity at the first. Since then, crypto trading in India has grown rapidly.

Million to Billion in One Year

Indian's investments in the crypto have surged from $923 million to $6.6 billion in one year, that is rise of 612% compared to previous year data. India currently ranks 11 out of 154 nations in crypto adoption, as per the report from Chainalysis. This massive surge shows a shift in approach from India's youngest investors changing the tradition that older generations followed. 

Some investors are also worried about the taxation rules for cryptos, as there no clear income tax rules at present. If any ban is imposed, then many plan to move their trading to an overseas bank account.

New Crypto bill coming soon

The interest of crypto investors in india seems never ending as the Indian government is preparing to regulate by passing a Digital Currency Bill, 2021, there is a speculation that it could ban all private cryptos in India and provide a legislative framework for creating new cryptos.

The Central government has finally announced that they will bring a new crypto bill during the upcoming budget session in the Parliament. Finance Minister of India, has said that a new committee has been created and they have suggested to ban all private cryptocurrencies in the country. Also, the committee has suggested to bring new digital currency to the country that will be regulated by the RBI.

Union Finance Minister of india said that they have done a lot of work and taken opinion from stake holders to prepare the bill. 

The Indian govt. is likely to present the new Cryptocurrency bill in Parliament of india during the Monsoon session that set to begin on July 19.

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