Countries such as China and India have caused panic and panic in the cryptocurrency market many times in the past, precisely because of the hostile attitude towards cryptocurrencies. Whether it was mining, the use of cryptocurrencies, or the crypto exchange, China banned everything and India was inspired many times by such decisions. However, everything may soon change as the Indian cryptocurrency bill is currently being revised with a view to adapting it towards a “more balanced approach”.
As we have informed you, the original primary bill was aimed at banning cryptocurrencies throughout India. However, the Indian government seems to have abandoned the relatively strict original proposal, as confirmed by Indian Finance Minister Nirmala Sitharaman. However, there are mixed signals from several high-ranking officials about the country’s overall position vis-à-vis cryptocurrencies. Shaktikanta Das, governor of the Reserve Bank of India (RBI), says the number of Indian citizens who own cryptocurrencies is “very exaggerated” and that, in fact, so many people do not use cryptocurrencies. However, we consider this to be a rather misleading statement because if cryptocurrencies could be used in the country all the time, it is obvious that there would be many more users than now. However, Indian crypto investors believe that the legislation and the overall attitude will move in the right direction.