Does cryptocurrency have a future in India?
The Central government is going to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, in the upcoming winter session. The RBI is expected to use the underlying technology of cryptocurrency, which is blockchain, to issue digital currency.
Should you invest in new cryptocurrency?
Investing in crypto assets is risky but also potentially extremely profitable. Cryptocurrency is a good investment if you want to gain direct exposure to the demand for digital currency, while a safer but potentially less lucrative alternative is to buy the stocks of companies with exposure to cryptocurrency.
Does India approve Bitcoin?
The RBI has been voicing its concerns about cryptocurrencies since 2017. In July 2017, the then RBI governor Urjit Patel had told a parliamentary panel that the Reserve Bank of India (RBI) was keeping a close watch on transactions involving cryptocurrencies.
Is government planning to ban Cryptocurrency in India?
The planned legislation aims “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI)”. The plan to prohibit all private cryptocurrencies appeared to be essentially the same as an earlier draft of the bill submitted in January.
Are cryptocurrencies legal in India?
There is a common misconception that cryptocurrencies are illegal. Well, RBI did impose a ban on banks from facilitating cryptocurrency transactions in 2018. This circular made the entire crypto community in India go haywire, and they filed writ petitions to challenge the ban.
Did India miss out on huge opportunity to make funds with cryptocurrency?
For a couple of years now, India did miss out on a massive opportunity to make funds with cryptocurrency with RBI deeming cryptocurrency as illegal. More than $5.5 billion is reportedly invested into numerous blockchain start-ups, worldwide. Previously, blockchain start-ups in India used to receive only 0.2\% or below in terms of investment.
Are You investing in cryptocurrency at the right time?
But investing at the right time requires luck. Only those who improve their cryptocurrency investment strategy every day, one mistake after another, consistently crush the masses. Only the most skilled and disciplined investors are running away with big profits over time, while dreamers and noobs end up hodling useless coins.
Should the Central Bank regulate cryptocurrencies in the country?
If the central bank develops a sturdy framework that meets up with the proposed regulatory requirements, then cryptocurrency will witness a country-wide adaptation. Institutions, corporations as well as ordinary people will benefit significantly if cryptocurrency becomes the mainstream medium of exchange in the country.