Indian Government Reconsiders Cryptocurrency Ban

The Indian government reconsiders the ban on Cryptocurrency as venture capital investors flood the country. The venture capital investors frightened by the tech crackdown of China are now looking for opportunities in India and have a sharp interest in the crypto space.Up until this point this year, over a large portion of a billion dollars have been put into Indian crypto organizations, not at all like just $25m in the prior year.

Jitters in India Cryptocurrency Market

In the report of last week, jitters are starting to develop in the growing cryptocurrency market of India. This was as a result of the proposal introduced in the parliament to prohibit all the private cryptocurrencies in the country. 

The threat of this crypto ban has caused panic to all the beginners in the world of crypto. However, the old crypto investors and traders would have seen the handwriting on the wall with the regulatory panics hitting the market in the past.

Cryptocurrency Startup Experience in India

In India, Cryptocurrency startups have had their bitter experience, compared to the enthusiastic leadership of the government on the country’s extraordinary digital payments infrastructure. The 2018 Central Bank of India orders prohibited Indian banks from rendering services to crypto businesses. This makes it tortuously hard for crypto exchanging stages to work in India. Nevertheless, in March a Supreme Court order overturned the Reserve Bank of India’s interdiction. The outcome was that floodgates were opened with crypto exchanges violent marketing, fuelled by enormous venture capital injections, bringing many Indians into the business of crypto and other digital currencies.

A newcomer to the crypto market said that last spring, FOMO had made her start the business of buying into cryptocurrency.

The fear of the Indian officials who supported the crypto ban is that inexperienced investors and traders are particularly susceptible to the prickly swings of digital currencies. However, this novice trader is trying her luck and doing her best with crypto together with the stock market investments. Ether and Bitcoin make up another SIP for her. This trader plans to maintain her little cryptocurrency gains for now.

Bearing in mind that there are about 1.4bn people in India, cryptocurrency makes up a diminutive part of general trading. While platforms such as CoinSwitch Kuber boast over 10 million registered users, they admit that there are much lower people who have bought coins.

Effect of Cryptocurrency Ban on Burgeoning Sector

The effect of the cryptocurrency ban on the Burgeoning sector would be the worst-case situation, but crypto business leaders and lawyers stated that regulation was more probable than prohibition.