Is The future of crypto investors in India Floating?

The Asian country with the highest percentage of cryptocurrency ownership was Vietnam, at 40 per cent, followed by Indonesia, India, Malaysia, and the Philippines, respectively. 30 percent of individuals polled in Indonesia and India stated that they held cryptocurrency. India also ranked #2 in a poll of nations that use cryptocurrency the most. Government is ready with the data of investors' investment into Cryptocurrency in Indian Exchanges. Now the government is coming out with a new bill that would bar most private cryptocurrencies that have triggered heavy selling in the country's digital currency markets, as investors look to exit positions despite the losses, said traders and investors.

The government will allow only certain cryptocurrencies to promote the underlying technology and its uses. The bill, if passed, would effectively ban citizens in India from transacting in most cryptocurrencies. However, the fact is Bitcoin is a digital asset which is censorship-resistant. It’s been designed to be out of control of any authority. It is structured in a mathematical manner, basically, it is global money without national boundaries. Transactions on the bitcoin network can occur without banks. No one can track the private wealth you store on this blockchain. Bitcoin is not a business rather it gives you both ownership and usage of the network. As an investor, you are both a shareholder and a consumer.

With new cryptocurrency exchanges opening up and advertising aggressively in India, thousands of people are turning to investment in crypto currencies. The popular Indian exchanges are WazirX, CoinSwitch Kuber, Coin DCX, Zebpay and Unocoin, which holds about 2 crore Indian investors into cryptocurrency starting from Rs.100 to Rs.1 crore and above. Sources said, another 8 crore plus investors have invested through International Exchanges, which is tuned to an amount of Rs.2.00 Lakh Crore and above.

The fact is Centre’s decision to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the upcoming winter session of the Parliament, however, does not have any impact on the investors invested through International Exchanges. However, the ban will create a loss to the investors as well as to the Government, they will lose the data of investors which they used to get customers information by giving their KYC.

Another hard fact is nobody can stop Bitcoin or other currencies because they are not controlled by a country or exchange. Regularisation or even a ban is not something to worry for the crypto investors, because these decisions will