The Cryptocurrency Bill 2021, that supposed to ban all cryptocurrencies in India, was missing in the budget speech of 2021 in lock sabha on February 1. After the budget speech Bitcoin price increased 8% in India. The Most Notable thing is that there is no mention of launching a digital version of the Indian rupee( #DigitalRupee) in the budget. But A question comes to mind that, why there is a silence in the budget and what government planning after this. But after the budget speech, there is a relief in the country’s crypto market. How long it can hold the relife that’s the main question.
Expert says that the government does not talk about the bill but why the answer is because cryptocurrency is related to India’s finance sector. The finance sector is creaked down in the pandemic of covid-19. Only the digital currency sector shows positive growth. if a quick ban (like the 2016 Indian banknote demonetization) on digital currency imposed by the government, the finance sector of India may creak more and not recover for a long time.
Suspense On Cryptocurrency’s future In India
The Suspense of cryptocurrency’s future in India is increase day by day. Because India has a history against cryptocurrency. In Past(2018), RBI releases a notification that says that all banks in the country stop dealing in cryptocurrency. After this many exchanges stop business. The rule me return by RBI after A supreme court verdict. And this is the again new suspense, it already drooped the crypto market 9% in India, according to experts.
Currently #indiaWantCrypto trading on twitter.