wordpress blog stats
Connect with us

Hi, what are you looking for?

Govt finds cryptocurrency ban unfeasible due to large crypto investments by Indians: Report

Such a ban may no longer be a realistic option for the government thanks to the scale of crypto trading in India.

"A middle path that balances the concerns of all stakeholders is more likely," a government source told the Economic Times on the possibility of the Indian government banning cryptocurrencies. Considering that Indians have made large investments in crypto assets, an outright ban is unfeasible, the source added. MediaNama reached out to the Ministry of Finance to confirm the development but did not receive a response. Finance Minister Nirmala Sitharaman had announced in August that the crypto bill is currently awaiting approval from the cabinet, not divulging any further details. At an estimated 2 crore crypto investors, India has one of the highest numbers of cryptocurrency owners. The government has considered a ban in the past, but the rapid adoption of cryptocurrencies in India might mean that such a ban is no longer a realistic option for the government. What's the scale of crypto trading in India? As the government moves forward on regulating cryptocurrencies, they are rapidly growing in popularity among Indian investors: 2 crore users: India has over 2 crore cryptocurrency investors, according to a conservative estimate by the founder of WazirX, India's largest crypto exchange. [embed]https://twitter.com/NischalShetty/status/1452890537770487809?ref_src=twsrc%5Etfw[/embed] Rapid growth: WazirX recently reported an increase of 2648% in user sign-ups from tier-II and tier-III cities like Ahmedabad, Lucknow, Ranchi, Imphal, and Mohali among others. Cryptocurrency regulation in India: A timeline India’s much-anticipated crypto bill is currently tabled before the Union Cabinet awaiting approval. Here’s a timeline of everything that’s happened till now around crypto regulation in India: 2018: The Reserve Bank of India banned…

Please subscribe/login to read the full story.
Written By

Figuring out subscriptions and growth at MediaNama.

Free Reads

News

With GPS in every car, India's toll collection is going high-tech.

News

Google is currently undergoing the necessary procedures for the leasehold land, which is presently under the ownership of the Maharashtra Industrial Development Corporation.

News

The pilot project for which is being launched in 19 cities this year, with a plan to launch a full-fledged rollout next year.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ