Indian Crypto investors have been under a lot of pressure after the government’s statement talking about its ban. The government also said that they are planning to release a National digital coin regulated by the RBI. If this happened, then investors might have lost access to whatever coins they had in their wallet. But after the budget announcement of 2021, the investors breathed a sigh of relief as Cryptocurrency gets ignored in the entire speech by the finance minister of India.
Does this mean that crypto won’t be banned in India?
Though the fact that India’s finance minister didn’t talk about crypto is a sign of relief for investors, it doesn’t mean that the ban might not happen. In fact, this only shows that the government is not in a hurry to take the decision. Since BJP the ruling party of India has power over both the Lok Sabha and Rajya Sabha, if they decide to pass the bill banning crypto, I don’t think there will be any resistance at all. Also, the government’s view on the commodity is very negative, so a ban might occur unless something changes for them.
Even in 2018, the government wanted to ban Bitcoin and even passed the bill. But later the bill was suspended by the supreme court and bitcoins were legal to trade again. So at least for now, investors can trade peacefully.
What does this mean for Bitcoin?
India is one of the growing markets of cryptocurrency, and in the last few months, its trading has increased substantially. When the news that India might ban bitcoin surfaced, the price of the cryptocurrency dipped around 10%. But today the prices have recovered by 8-9% and the rise of the current has started again. And well everything goes well, and the government doesn’t;t talk about cryptos again then we can expect a safe situation for investors.
A few days back, Elon said that Bitcoin is on the verge of going mainstream. And considering it doesn’t get banned in India, then it’s possible. But if it does, then Bitcoin will be losing out on one of the world’s largest markets. But the Twitter trend of “#IndiaWantsCrypto” that’s going on might actually make the government reconsider their decision and let things proceed the way they are now. One of the most Indian things that might happen is the government imposing a tax on Bitcoin trading.
What are your thoughts on Cryptocurrency getting ignored in the budget? And do you think that a ban might happen in the near future? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: India might ban Bitcoin in favour of a national digital coin
