Is cryptocurrency a viable option in India? What does the future of cryptocurrencies in India look like? There may be some recent arguments, media stories, and expert assessments to be trusted. Even Infosys non-executive chairman Nandan Nilekani has stated that cryptocurrency may be accepted as a store of wealth in India.
What Does the Future of Cryptocurrencies Look Like in India?
India ranked sixth in terms of crypto ownership as a percentage of the entire population, at 7.30%. Ukraine was the highest, with 12.73% of the overall population holding cryptocurrency, followed by Russia (11.91%), Kenya (8.52%), and the United States (8.31%).
In terms of India’s growth and use of cryptocurrencies, 2021 included some watershed moments. In 2021, global inflows into digital currency totaled a healthy $9.5 billion worth of investment with two weeks left, while compared to total crypto inflows in 2020 were just $6.7 billion.
The most popular digital currency; Bitcoin, is expected to nearly quadruple in December 2021 in values by the end of the year. Bitcoin has fallen by 32% to $47,043 since reaching an all-time high of $69,000 on November 10.
In 2020 and 2021, cryptocurrencies experienced a surge in popular attention and adoption in India. In addition, 2021 saw the emergence of digital currencies in India, with investments in assets surpassing the $10 billion mark for the first time. It was $923 million in April of last year.
Slowly but steadily, public support for cryptocurrencies is growing throughout the country. It remains to be seen in what form cryptocurrencies will be acceptable to Indian legislators and authorities. The good news for crypto enthusiasts in the nation is that India is one of the largest markets for cryptocurrencies in Asia and one of the fastest growing in the world; gaining 641% between July 2020 and June 2021, according to a report by cryptocurrency research firm Chainalysis.
Rather, they are becoming more vocal, although the law does not completely back Bitcoin. Several members of Parliament have lately raised the subject of cryptocurrency. In March alone, at least five cryptocurrency-related issues were presented in Parliament.
India’s Winter Session Of Parliament Concludes With No Crypto Law Insight
She also clarified that the forthcoming crypto bill is not the same as the one introduced in 2019, which prohibited all crypto-related operations in the country.
ian government planned to adopt new cryptocurrency laws during the Winter Session of Parliament, which began on November 29. The session has concluded, and the cryptocurrency bill was not brought to the table.
The ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ was put on the agenda for the second time but was postponed. The last time this happened was in February, during the Budget Session of Parliament.
According to Finance Minister Nirmala Sitharman; the new guidelines are still awaiting Cabinet approval as well as more in-depth research, India’s highest decision-making body.