Traders get hopeful while regulators are anxious anytime there is a rally in the price of Bitcoins. The Indian crypto market was worken up to the alarming news of the bitcoin’s market celebrating all time high above $60k. Premised of the aforementioned, a senior government official opined that Indian will be banning the use of Crypto by proposing a stringent law even as a holding asset
There will be one of the world’s strictest action on Crypto, if the bill is passed and this action won’t just criminalize trading, issuance, possession, trading and transfers of Crypto but also a big dent will be will be in the Asian Crypto Market.
The pandemic, has made people to opt for an alternative payment routes and among the countries that are fast witnessing peer to peer users of the growing population is India.
As regards to P2p transfer volume, India has been following China closely. Also India was having a volume of $5.21 million according to Useful Tulips.
Also, in January, there was an earlier narrative of Ban by the government of private virtual currencies like Btcoin and working on official digital currency and with the extant bill, it seems they the government of India wants to walk their on the bill.