Bitcoin and many other cryptocurrencies may be banned in India. A new bill will be introduced in the budget session in the upcoming days and with this, the Digital Currency Bill 2021 is even ready. Under this rule, trading of any kind of cryptocurrency will be banned including Mining and transfer of crypto. The government of India will bring its digital currency which will come through RBI.
The people who have already invested in crypto will get an opportunity to withdraw from the investment in around 3-6 months. Investors may have to pay a penalty as keeping cryptocurrency would be a crime. Investment in cryptocurrency It invested $ 24 million in 2020.
India invested 5 million dollars in 2019 in India. Cryptocurrency exchanges are also not governed by any form of regulation, but in India, they are placed under civil and criminal laws, such as the Contract Act, 1872 and the Indian Penal Code, 1860. It’s still risky to invest in crypto as before investing in them, one has to check where the registered address of the exchange is and whether it is incorporated under Indian law. Some exchanges also follow KYC and anti-money leading procedures.
Elon Musk’s company Tesla is responsible for skyrocketing the prices of Bitcoin as they invested nearly US 1 billion dollars in it. Bitcoin futures suggest that the crypto rally is not yet to stop traders from purchasing it. The price of bitcoin for the first time ever crossed $ 51737, or about Rs 38 lakh.
The bitcoin price has reached a new record high as its price went beyond 52000 dollars. Investment in cryptocurrency in India is neither completely legal nor is there any restriction on it. In the year 2018, the ban imposed by the RBI was rejected by the Supreme Court. Media reports had said that in 2019, a bill to curb all cryptocurrencies will be brought to Parliament, but it has never been tabled in Parliament.
Bitcoin is currently the world’s largest digital currency as its market cap has reached $ 900 billion. The rise in bitcoin prices is due to the support given to this cryptocurrency by big investors and companies such as Tesla, MasterCard, and BNY Mellon.