Regulate instead of banning cryptocurrencies in India, say entrepreneurs
The Regulation of Official Digital Currency Bill, 2021 is likely to be introduced in the Budget Session of Parliament. The bill, if passed, will prohibit the use of cryptocurrency as legal tender and currency. January 30, 2021 / 10:52 PM IST
Entrepreneurs are crying foul calling the government s proposal to ban cryptocurrencies in India arbitrary. Instead, the industry is asking for proper regulation by government authorities which can boost a common man s trust in the digital currency.
While there will be some exceptions, the move is still expected to end ambiguity on cryptocurrency which is neither banned nor legalised in India.
Updated Dec 17, 2020 | 13:52 IST
After testing investors patience for nearly three weeks, cryptocurrency bitcoin zoomed past a historical mark of $20,000 to reach fresh all-time highs. Bitcoin India
India is lapping up cryptocurrency and is mirroring a global trend.
Bitcoin s vertical climb began accelerating in early October with its market cap rising 160% in 2020 and up by a whopping 190% since March lows.
Bitcoin s latest record high is a reminder of its monstrous rally in 2017 where it nearly breached $20,000. What followed was a sharp pullback where the currency fell close to nearly $3,000.
Meanwhile, India is also lapping up cryptocurrency and is mirroring a global trend. Latest data from CoinGecko suggests that there’s been a five-fold increase in daily trading volume in cryptocurrencies on top five exchanges in India.